NASDAQ$MIDD
Middleby Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported first quarter results with net sales of $927 million and adjusted EBITDA of $186 million.
Middleby Corporation reported a decrease in net sales by 8.0% to $927 million in the first quarter of 2024 compared to the prior year. Despite difficult near-term demand conditions, the company posted strong profitability and record cash flows, with operating cash flows amounting to $140.9 million. The net leverage was reduced to 2.4x.
- Net sales decreased 8.0% year-over-year to $927 million.
- Adjusted EBITDA was $186 million.
- Organic adjusted EBITDA margin was 20.1%.
- Operating cash flows amounted to $141 million.
Headline financials
Revenue & EPS history
Middleby · Revenue · Quarterly
$927M
Revenue by segment
Middleby · $840M total across 2 segments · Q1 2026
- Commercial Foodservice$616M—73.3%
- Food Processing$224M—26.7%
Forward guidance
The company expects improved conditions for the second quarter and remains optimistic for the remainder of the year, as channel inventories have returned to normalized levels and order activity is trending in a positive direction.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+1.1%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.8%
Avg return
30 days after
52%
34 / 66 earnings
Positive
+18.9%
Q3 2020
Best reaction
-18.7%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | -3.9% | +7.6% | |
| Q4 2025 | +5.9% | +2.8% | -18.5% | |
| Q3 2025 | -2.8% | -0.0% | +2.3% | |
| Q2 2025 | -18.3% | -17.1% | -0.2% | |
| Q1 2025 | -2.7% | +8.5% | +8.7% | |
| Q4 2024 | +0.7% | -1.6% | -6.6% | |
| Q3 2024 | -7.3% | -2.3% | +2.1% | |
| Q2 2024 | +3.8% | +1.9% | +3.7% | |
| Q1 2024 | -3.9% | -3.3% | -11.2% | |
| Q4 2023 | +4.2% | +6.1% | +8.4% | |
| Q3 2023 | +3.7% | +3.8% | +18.1% | |
| Q2 2023 | -1.0% | +2.1% | +1.8% | |
| Q1 2023 | -2.9% | -3.1% | -3.2% | |
| Q4 2022 | -0.8% | -1.7% | -12.5% | |
| Q3 2022 | -0.7% | -0.8% | -0.2% | |
| Q2 2022 | -0.5% | -1.2% | -3.5% | |
| Q1 2022 | -14.0% | -7.5% | -2.9% | |
| Q4 2021 | -6.4% | -3.3% | -7.4% | |
| Q3 2021 | -0.5% | -0.6% | -0.6% | |
| Q2 2021 | -7.2% | -7.7% | -9.2% | |
| Q1 2021 | +1.9% | +0.2% | -4.6% | |
| Q4 2020 | +10.6% | +12.2% | +13.2% | |
| Q3 2020 | +18.9% | +29.2% | +33.9% | |
| Q2 2020 | +16.4% | +22.0% | +12.4% | |
| Q1 2020 | +17.4% | +8.1% | +59.3% | |
| Q4 2019 | +6.3% | +4.9% | -45.7% | |
| Q3 2019 | -4.9% | -4.9% | -9.5% | |
| Q2 2019 | -10.7% | -12.4% | -11.2% | |
| Q1 2019 | -1.2% | -1.7% | -2.3% | |
| Q4 2018 | +2.8% | +3.1% | +9.0% | |
| Q3 2018 | +2.2% | +0.1% | -4.1% | |
| Q2 2018 | +10.7% | +9.3% | +19.3% | |
| Q1 2018 | -18.7% | -19.5% | -20.8% | |
| Q4 2017 | -8.3% | -8.6% | -5.6% | |
| Q3 2017 | -6.8% | -8.4% | +4.5% | |
| Q2 2017 | -6.3% | -8.4% | -6.8% | |
| Q1 2017 | -3.2% | -2.7% | -5.0% | |
| Q4 2016 | +2.0% | +0.9% | -1.8% | |
| Q3 2016 | -0.5% | +3.3% | +21.6% | |
| Q2 2016 | +8.5% | +6.5% | +1.0% | |
| Q1 2016 | +3.3% | — | — | |
| Q4 2015 | +6.6% | — | — | |
| Q3 2015 | -4.0% | — | — | |
| Q2 2015 | -2.4% | — | — | |
| Q1 2015 | +8.2% | — | — | |
| Q4 2014 | -5.9% | — | — | |
| Q3 2014 | +4.1% | — | — | |
| Q2 2014 | +15.2% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q4 2013 | +13.7% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | +14.1% | — | — | |
| Q1 2013 | +4.4% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +4.1% | — | — | |
| Q2 2012 | +13.2% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | +3.0% | — | — | |
| Q2 2011 | +10.0% | — | — | |
| Q4 2009 | -0.4% | — | — | |
| Q1 2011 | +3.0% | — | — | |
| Q3 2010 | +2.0% | — | — | |
| Q2 2010 | -1.6% | — | — | |
| Q4 2010 | -1.6% | — | — | |
| Q1 2010 | -5.7% | — | — |
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