Overview

* Middleby ( MIDD ) Q2 sales beat analysts' expectations but adjusted EBITDA missed, per LSEG data

* Company repurchased 3.1 mln shares for $448.9 mln, or 5.7% of equity

* Middleby ( MIDD ) initiates Q3 and full year 2025 guidance

Outlook

* Middleby ( MIDD ) sees Q3 revenue of $950-975 mln

* Middleby ( MIDD ) expects Q3 adjusted EBITDA of $185-195 mln

* Middleby ( MIDD ) forecasts 2025 revenue of $3.81-3.87 bln

* Company projects 2025 adjusted EPS of $8.65-9.05

Result Drivers

* ECONOMIC UNCERTAINTY - Middleby ( MIDD ) attributes Q2 results to economic uncertainty in key markets, impacting customer demand

* NEW PRODUCT LAUNCHES - Gains in market share driven by new product launches, per CEO Tim FitzGerald

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Sales Beat $977.86 $974.80

mln mln (8

Analysts

)

Q2 Net $105.96

Income mln

Q2 Miss $200 mln $201.10

Adjusted mln (8

EBITDA Analysts

)

Q2 Gross $371.29

Profit mln

Q2 $155.39

Operatin mln

g Income

Q2 $132.99

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "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 ( MIDD ) is $167.00, about 13.3% above its August 5 closing price of $144.71

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release:

(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.)