The Middleby Corporation delivered record third quarter results, with net sales and adjusted earnings significantly exceeding analyst expectations. Following the successful spin-off of its Food Processing business, the company reported strong organic momentum and expanded its profitability margins, leading management to raise its full-year 2026 organic growth guidance.
Key Highlights
- Record net sales of $653 million increased 7.7% year-over-year, driven entirely by organic growth.
- Adjusted EPS climbed 19% to $2.07, surpassing the consensus estimate of $1.74 by nearly 19%.
- Adjusted EBITDA margins expanded to 23.9% from 23.5% in the prior year, despite $26 million in charges related to the closure of brewing businesses.
- The company raised its full-year 2026 organic net sales growth guidance to a range of 7% to 8%.
- Significant capital return continued with 1.0 million shares repurchased for $106.5 million during the quarter.