Corrected: Middleby Q2 sales rise; lifts forecast
CORRECTED-Middleby Q2 sales rise; lifts forecast Corrects to remove reference to estimates in table
Overview
Commercial foodservice equipment maker's Q2 sales increases 10%
Company completed Food Processing spin-off and repurchased 1.4 mln shares in Q2
Q2 adjusted EPS excluding Food Processing rose yr/yr, aided by organic growth and repurchases
Outlook
Middleby raises FY 2026 guidance; sees commercial foodservice revenue growth of 6-8%
Company expects Q3 2026 net sales of $620-640 mln, adjusted EPS of $1.67-1.83
Middleby forecasts FY 2026 net sales of $2.48-2.53 bln, adjusted EPS of $6.73-6.89
Result Drivers
ORGANIC SALES GROWTH - Co cited 8% organic sales growth in Commercial Foodservice as broad-based across channels, customer types, and regions
STRATEGIC INVESTMENTS - Management said recent investments in innovation and customer-focused solutions contributed to Q2 growth
SHARE REPURCHASES - Adjusted EPS benefited from share repurchases, according to the company
Company press release: ID:nBw7s5n8ga
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales |
| $875.5 mln |
|
Q2 Adjusted EBITDA |
| $193.2 mln |
|
Q2 Operating Income |
| $148 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy"
Wall Street's median 12-month price target for The Middleby Corporation is $167.00, about 28.2% above its August 10 closing price of $130.30
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 12 three months ago
Reuters Recommended Reads
Aug 10 - Germany's GEA Group Q2 revenue rises, lifts revenue growth outlook
Aug 10 - AAON Q2 sales more than double, beat estimates
Aug 11 - For McDonald's and rivals, cheap deals no longer do the trick
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)