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The Middleby down 19% post Q1 results

  • The Middleby (MIDD -19.1%) reported Q1 sales growth of 10.3% Y/Y to $584.8M with recent acquisitions contributing 12% and forex 2.8% to sales.
  • Segment Revenue: Commercial foodservices equipment +15.3% Y/Y to $359.9M, Residential kitchen equipment -3.2% Y/Y to $136.3M and Food processing equipment +14.6% Y/Y to $88.6M.
  • Q1 Gross margin declined by 331 bps to 32.2%, the decrease reflects lower margins at recent acquisitions and impact by lower volumes and unfavorable mix at the Food processing equipment.group and operating margin declined by 261 bps to 14.9%.
  • Net debt at end of the quarter was $945.7M vs $939.2M at the end of fiscal 2017.
  • “At the Food Processing Equipment Group, we have had several anticipated orders not materialize. The decline in revenues reflects the significance of large projects on this business segment, which has historically resulted in quarterly sales volatility. We anticipate revenues will be impacted for the upcoming quarters due to the delay in a number of larger projects”, mentioned Selim A. Bassoul, Chairman and CEO.
  • Previously: Middleby misses by $0.20, misses on revenue (May 9)

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The Middleby Corporation