Long-standinghistory of profitability and cash flow
Positioned to capture rapidly evolving market trends
2023 YTD PROFORMA REVENUE BY SEGMENT *
Food Processing
18%
Commercial
62%
Residential
20%
2023 YTD PROFORMA REVENUE BY REGION *
Asia
7%
United
States and
Europe &
Canada
Middle East
71%
19%
Latin America
3%
www.middleby.com
acquired businesses was effective for the entire year.
2
* Revenues adjusted to depict estimated results if ownership of
FINANCIAL RESULTS
Q2 2023 Financial Results
(in millions, except percentages)
Q2 '23
Q2 '22
Change
Net Sales
$1,040.0
$1,013.6
2.6%
Gross Profit
393.2
360.7
9.0%
% of Sales
37.8%
35.6%
Operating Income
184.8
167.2
10.5%
Net Earnings
116.9
113.2
3.3%
Adjusted EBITDA
228.7
210.2
8.8%
% of Sales
22.0%
20.7%
LTM Bank EBITDA
911.3
830.4
9.7%
as defined in credit agreement
Operating Cash Flow
61.9
104.8
Results Commentary
• Organic revenue growth by segment:
•
Commercial Foodservice
2.9%
•
Residential Kitchen
-26.8%
•
Food Processing
26.7%
Q2 '23 organic adjusted EBITDA of 22.0%
Q2 '23 organic adjusted EBITDA by segment:
•
Commercial Foodservice
28.1%
•
Residential Kitchen
13.8%
•
Food Processing
21.7%
www.middleby.com
3
COMMERCIAL FOODSERVICE
Q2 2023 Financial Results
(in millions, except percentages)
Q2 '23
Q2 '22
Change
Revenues
$645.7
$606.3
6.5%
Adjusted EBITDA
178.9
154.7
15.6%
Adjusted EBITDA
27.7%
25.5%
as % of Revenues
Organic Adjusted EBITDA
28.1%
as % of Revenues
REVENUE AND GROWTH
U.S. and Canada
$474.8
5.2%
International
170.9
10.3%
Results Commentary
Margin expansion over prior year as a result of shift in mix towards higher technology solutions, manufacturing efficiencies gained through capital investments, disciplined cost control and pricing actions
Strong end-user engagements as Middleby Innovation Kitchens continue to see traffic increase in 2023
Customers buying technology to solve for labor and profitability challenges driving rollouts
Acquisition of TERRY, providing environmentally friendly water treatment solutions in commercial foodservice equipment in steam, ice and beverage products
www.middleby.com
4
RESIDENTIAL KITCHEN
Q2 2023 Financial Results
(in millions, except percentages)
Q2 '23
Q2 '22
Change
Revenues
$205.6
$280.0
-26.6%
Adjusted EBITDA
28.5
52.0
-45.2%
Adjusted EBITDA
13.9%
18.6%
as % of Revenues
Organic Adjusted EBITDA
13.8%
as % of Revenues
REVENUE AND GROWTH
U.S. and Canada
$134.8
-28.9%
International
70.8
-21.6%
Results Commentary
Residential brands continue to face headwinds from higher channel inventory levels and inflationary pressures
New product innovation in indoor cooking, refrigeration and outdoor products position Residential for growth
Grand opening of the Chicago showroom in the prestigious Merchandise Mart, featuring all live indoor and outdoor cooking vignettes including our charcoal platform
Acquisition of Trade-Wind, a technology and design leader in residential ventilation, complimentary to both our indoor and outdoor brands
www.middleby.com
5
Attachments
Original Link
Original Document
Permalink
Disclaimer
The Middleby Corporation published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 11:13:12 UTC.
The Middleby Corporation is an engaged in designing, manufacturing and selling of commercial foodservice, food processing equipment and residential kitchen equipment. The company operates through three segments. Commercial Foodservice Equipment Group has a portfolio of foodservice equipment, which enables it to serve virtually any cooking, warming, holding, refrigeration, freezing and beverage application within a commercial kitchen or foodservice operation. Food Processing Equipment Group offers a portfolio of processing solutions for customers producing protein products, such as bacon, salami, hot dogs, dinner sausages, poultry and lunchmeats and bakery products, such as muffins, cookies, crackers, pastries, bread and buns. Residential Kitchen Equipment Group manufactures, sells and distributes kitchen equipment for the residential market. Principal product lines of this group are ranges, cookers, stoves, cooktops, microwaves, refrigerators, refrigeration, wine cellars and others.
THE MIDDLEBY CORPORATION 
