Middleby Q3 net sales $943M, down 4.1% organic; EPS $2.11 adj $2.33; CEO cites challenging macro

MIDDLEBY Corp

2024-Q3 EPS reported $5.84 revenue$2,861,281,000

Net sales of $943M, down 3.9% reported and 4.1% organic YoY; diluted GAAP EPS $2.11, adjusted EPS $2.33.
Operating income $173.4M (18.4% sales); adjusted EBITDA $213M (22.6% organic margin); operating cash flow $157M.
Commercial Foodservice segment sales down 5.3% organic; Residential down 4.5%; Food Processing up 0.7%.
Net leverage reduced to 2.2x; net debt $1.8B vs $2.2B end FY2023; borrowing availability $2.8B.
Completed acquisition of Emery Thompson; CEO expects macro improvement in 2025 driving multi-year recovery.

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