盈利指引令人失望，米德尔比股价下跌

Shares of The Middleby Corp. (NASDAQ:MIDD) fell 3% at the open on Wednesday after the company issued full-year earnings guidance that came in below Wall Street expectations. Management forecast adjusted earnings of $8.65 to $9.05 per share for 2025, short of the consensus estimate of $9.25.

The drop came despite the commercial kitchen equipment maker beating second-quarter earnings and revenue forecasts. The company reported adjusted earnings of $2.23 a share, surpassing analyst expectations, alongside revenue of $978 million, ahead of the $975 million consensus estimate.

Middleby (NASDAQ:MIDD) also announced adjusted earnings before interest, taxes, depreciation and amortization of $200 million for the quarter, down from $216 million a year ago, reflecting headwinds from tariffs and softening demand across some business segments.

“While these quarterly results reflect our market conditions, they don’t appropriately capture the fundamental transformation we’ve achieved across our business to drive long-term growth,” Chief Executive Tim FitzGerald said in a statement. He cited market share gains from new product launches and strong execution amid economic uncertainty in key end markets.

The company’s second-quarter net sales fell 1.4% year-over-year, with organic sales, excluding the effects of acquisitions and currency, declining 5.4%. Segment performance was mixed, as residential kitchen revenue declined 6.1%, commercial foodservice dropped 4.8%, while food processing rose 14.4% on a reported basis.

Middleby (MIDD) also continued an aggressive pace of share repurchases, buying back $323 million in stock during the quarter, bringing year-to-date repurchases to $449 million, or roughly 5.7% of its equity. Operating cash flow for the quarter was $122 million, and the company ended the second quarter with net leverage of 2.3 times and $2.7 billion in borrowing availability.

Looking ahead, Middleby (MIDD) guided for third-quarter revenue between $950 million and $975 million and adjusted earnings of $2.04 to $2.19 a share. Full-year revenue is expected in the range of $3.81 billion to $3.87 billion, with adjusted ebitda between $770 million and $800 million.

Despite ongoing macroeconomic challenges, FitzGerald expressed confidence in the company’s positioning: “As the market inflects, Middleby is poised for outsized growth as we solve increasingly complex challenges for our growing customer base.”