The Middleby Corporation’s year-over-year revenue increased by 19.1%, reaching USD 1,032 million in the fourth quarter of 2022, the company’s financial results show. Middleby’s profitability grew to an organic adjusted EBITDA margin of 23.8%. Its adjusted EBITDA was USD 234 million for the reporting period, a 21.0% year-over-year increase. The company recently acquired mixing specialist Escher and Marco, a manufacturer of beverage dispensing solutions.
Middleby’s net sales increased by 19.1% in Q4 – 2022 compared with Q4 – 2021. Organic net sales increased for all three segments (commercial foodservice, residential kitchen, and food processing) market conditions improved and consumer demand grew in Q4.
Middleby Q4 – 2022
Organic net sales growth*
*Organic net sales growth is defined as total sales growth excluding the impact of acquisitions and foreign exchange rates. Source: Middleby Corporation
“We are pleased with the results delivered in the fourth quarter and proud of our accomplishments for the year. Our team made great progress in 2022 moving forward our strategic and operating initiatives. We are excited about the many industry-leading innovations we have introduced over the past year and the robust pipeline of products we are launching in 2023. The investments we are making to evolve our go-to-market initiatives are paying dividends, as we have expanded the capabilities of our sales teams, deepened the relationships with our channel partners, and increased our engagement with end-user customers. The meaningful capital investments we have made in our operations have positioned us for increased manufacturing capacity and expected improvements in production efficiencies. In 2022, we also continued to execute our long-standing acquisition strategy — adding eight brands to our portfolio and many exciting products complementing our commercial, food-processing and residential businesses. We are confident our execution of these strategic initiatives is positioning us for long-term growth and progressing us toward the profitability targets we have established for each of our three industry-leading foodservice segments,” said Tim FitzGerald, CEO of The Middleby Corporation.
“We are excited to have completed the acquisitions of Escher Mixers and Marco Beverage Systems in the fourth quarter. Escher is a leading provider of innovative dough handling and mixing equipment, including automated and robotic solutions. Escher is a perfect complement to our current industrial bakery business, extending our product offering and expanding the integrated full-line solutions we can provide to our bakery customers,” he added.
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