The Middleby Corporation has reported its financial results for the third quarter of 2024, revealing several key metrics compared to the prior year period.
Net sales for the quarter amounted to $943 million, representing a decrease of 3.9% compared to the same period in the prior year. When excluding the impacts of acquisitions and foreign exchange rates, sales decreased by 4.1% over the comparative prior year period.
Operating income for the quarter was $173.4 million, slightly down from the $174.4 million reported in the prior year period.
Adjusted EBITDA, a non-GAAP measure, was $213.0 million in the third quarter, down from $225.1 million in the prior year. When looking at organic adjusted EBITDA, the margin remained consistent at 22.6%.
Operating cash flows during the third quarter amounted to $156.7 million, a decrease from the $219.2 million reported in the prior year period.
The company also highlighted that the net leverage had been reduced to 2.2x and that net debt at the end of the 2024 fiscal third quarter amounted to $1.8 billion, down from $2.2 billion at the end of fiscal 2023.
Additionally, The Middleby Corporation completed the acquisition of Emery Thompson during this period.
The company's CEO, Tim Fitzgerald, acknowledged the challenging macro-economic conditions while expressing confidence in the company's strategic initiatives and its position for long-term growth.
The third quarter results indicate the company's ability to maintain strong levels of profitability and cash flow despite the challenging industry conditions. Following these announcements, the company's shares moved -7.9%, and are now trading at a price of $129.35. For more information, read the company's full 8-K submission here.
