The Middleby Corporation reported fourth-quarter 2024 net sales of $1,013.9 million, a 0.5% increase year-over-year, and full-year 2024 net sales of $3,875.2 million, a 4.0% decrease from 2023. Adjusted diluted earnings per share for Q4 2024 were $2.88, surpassing analyst estimates.
The company achieved record Adjusted EBITDA of $251.2 million for the quarter, with an organic adjusted EBITDA margin of 24.8%. Full-year operating cash flows reached a record $687 million, and net leverage was reduced to 2.0x. Middleby also repurchased $16.4 million of common shares in the fourth quarter.
Middleby announced its Board of Directors unanimously approved a plan to separate its Food Processing business into a standalone public company through a tax-free spin-off, expected by early 2026. This move aims to create two independent entities with sharpened strategic focus and optimized capital structures.
The Food Processing business achieved $731 million in revenue and $187 million in Adjusted EBITDA in 2024, with an Adjusted EBITDA Margin above 25%. Middleby RemainCo (Commercial Foodservice and Residential Kitchens) generated $2,419 million in revenue and $664 million in Adjusted EBITDA for Commercial Foodservice, and $725 million in revenue and $74 million in Adjusted EBITDA for Residential Kitchens in 2024.
In conjunction with these announcements, Middleby appointed Julie Bowerman and Ed Garden to its Board of Directors, effective immediately. These appointments are part of the company's commitment to best-in-class governance and active shareholder engagement, with Ed Garden's appointment connected to a cooperation agreement with Garden Investments.
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