Middleby Q1 net sales $994.7M, adj. EPS $2.13; records amid supply challenges

MIDDLEBY Corp

2022-Q1 EPS reported $1.52 revenue$994,676,000

Net earnings $85.8M ($1.52 diluted EPS); adjusted net earnings $116.3M ($2.13 adjusted diluted EPS).
Net sales $994.7M, +31.2% reported; organic growth 11.7% across all segments.
Adjusted EBITDA $197.3M (19.8% margin); operating cash flow deficit $15.3M due to inventory build.
Backlog at record; CEO expects improvement in H2 2022 and into 2023.
Leverage ratio 3.1x; net debt $2.5B; borrowing availability ~$2.0B.

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