The Middleby Corporation reported second-quarter 2025 net sales of $977.9 million, a decrease of 1.4% year-over-year. Organic net sales declined by 5.4%, reflecting ongoing economic uncertainty impacting customer spending in key end markets.
Diluted earnings per share for the quarter were $1.99, a decrease from $2.13 in Q2 2024. Adjusted diluted EPS was $2.35, compared to $2.39 in the prior year. The Commercial Foodservice segment saw organic sales decrease by 5.5%, and Residential Kitchen organic sales declined by 7.8%.
The Food Processing segment experienced a 2.9% organic sales decline, following a strong prior quarter. Despite these headwinds, Middleby repurchased $323 million in shares during the quarter, with CEO Tim FitzGerald stating confidence in Middleby's trajectory and the belief that its market valuation does not reflect substantial growth opportunities.
Management provided an outlook for 2025, expecting low single-digit organic revenue growth for the full year, with profitability growth exceeding revenue growth. This includes expectations for mid-single-digit organic growth in Food Processing and at least low single-digit organic growth with modest margin expansion in Commercial Foodservice and Residential.
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