Elgin / IL. (tmc) The Middleby Corporation, a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, reported net earnings for the third quarter of 2022. «We continue to execute on our strategic and operating initiatives, while realizing growth in sales and profitability. We reported record third quarter sales and Ebitda, with margins ahead of pre-covid levels despite significant continued inflationary effects impacting the quarter,» said CEO Tim FitzGerald.
Net sales increased 21.5 percent in the third quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 14.2 percent in the third quarter over the comparative prior year period, reflecting higher shipments as the Corporation realize benefits of investments to increase the production throughput.
FitzGerald: «The demand outlook for our products at both our commercial foodservice and food processing segments remains strong. We are engaged with customers on our latest innovations offering solutions to address labor, energy, food costs and speed. We have made significant investments in technology and automation throughout the pandemic positioning us better than ever to support the challenges facing our customers today.»
«The residential housing market has become significantly more challenged with the impact of interest rate hikes and inflationary effects that has slowed consumer spend on residential kitchen equipment. While there is significant uncertainty as we move into the next year, our order backlog remains ahead of pre-covid levels. We are confident in our ability to maintain industry-leading profitability levels even in challenging market conditions. We expect investments made over the past several years in our award-winning showrooms, industry-leading culinary teams, and our newly developed designer services programs will increase market penetration of our exciting portfolio of industry leading brands and products,» concluded FitzGerald.
For additional information please read the Company’s PDF file below (144 KB):
20221110-MIDDLEBY-Q3-2022.