The Middleby Corporation reported third-quarter 2024 net sales of $942.8 million, a decrease of 3.9% compared to $980.7 million in the third quarter of 2023. Organic net sales declined by 4.1% for the quarter, reflecting ongoing macroeconomic headwinds.
Diluted earnings per share for the quarter were $2.11, an increase from $2.01 in the prior year period, while adjusted diluted earnings per share decreased to $2.33 from $2.37. The Commercial Foodservice segment experienced a 5.3% organic sales decrease, and Residential Kitchen organic sales fell by 4.5%.
The Food Processing segment showed modest organic sales growth of 0.7%. CEO Tim FitzGerald noted that unfavorable macroeconomic conditions, including lower restaurant traffic and higher food costs, continued to pressure the restaurant industry, leading to delays in facility investments and some permanent closures.
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