Middleby Q3 revenue beats expectations, seeks strategic review of residential kitchen business

The Middleby

06/11/2025 12:31

Overview

Middleby Q3 revenue grows 4% yr/yr, beating analyst expectations

Adjusted EPS for Q3 rises to $2.37, surpassing prior year's $2.33

Company announces strategic review of Residential Kitchen business, incurs $709 mln impairment

Outlook

Company expects Q4 revenue of $990-1,020 mln

Middleby forecasts Q4 adjusted EBITDA of $200-210 mln

Company sees full-year revenue of $3.85-3.89 bln

Result Drivers

COMMERCIAL FOODSERVICE GROWTH - Organic growth driven by key dealer partners and strong performance in institutional and fast casual segments

RESIDENTIAL KITCHEN PERFORMANCE - Growth in premium indoor brands partially offset by tariffs on outdoor products

FOOD PROCESSING ORDER GROWTH - Solid order growth in Q3 due to improving market dynamics and better conversion of large projects

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Sales
Beat
$982.13 mln
$961.08 mln (8 Analysts)
Q3 Net Income
-$512.98 mln
Q3 Adjusted EBITDA
Beat
$196.40 mln
$189.63 mln (7 Analysts)
Q3 Gross Profit
$361.31 mln
Q3 Operating Income
-$554.25 mln
Q3 Pretax Profit
-$578.95 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and 1 "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 Middleby Corp is $158.50, about 22.1% above its November 5 closing price of $123.48

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release: ID:nBw4wpj6Ga

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(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.)