Middleby Corp. boosted Q2 2022 sales against the prior year period, surpassing analyst expectations, while earnings declined. Highlights include:
- Net sales rose 25.3% from $808.7 million in Q2 2021 to $1.01 billion for Q2 2022.
- Earnings dipped from $120.6 million to $113.3 million in the comparative quarters.
- Basic earnings per share fell from $2.18 to $2.10 while diluted EPS fell from $2.13 to $2.07.
- Adjusted net EPS rose from $2.11 to $2.23.
- Residential kitchen led segment growth with a 64.7% sales gain, followed by commercial foodservice at 19.8% and food processing, which declined 4.7%.
Shares traded today at $147.04 against a 52-week range of $120.29-$201.34.
The $1.01 billion in quarterly revenue beat analyst expectations by $14.16 million and the non-GAAP EPS of $2.23 beat expectations by 7 cents, according to Seeking Alpha.
“We posted record quarterly sales and earnings, while facing continued supply chain disruptions impacting production,” CEO Tim FitzGerald said in the press release. “Our profitability remained strong, despite inflationary pressures that accelerated following the attack on Ukraine.”