Kitchen product manufacturer Middleby (NYSE:MIDD) will be announcing earnings results tomorrow before market hours. Here’s what investors should know.
Middleby beat analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $1.01 billion, flat year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates.
Is Middleby a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Middleby’s revenue to grow 1.6% year on year to $941.7 million, a reversal from the 8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.97 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Middleby has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Middleby’s peers in the professional tools and equipment segment, some have already reported their Q1 results, giving us a hint as to what we can expect. ESAB’s revenues decreased 1.7% year on year, beating analysts’ expectations by 2.2%, and Hillman reported revenues up 2.6%, falling short of estimates by 0.5%. ESAB traded up 3.1% following the results while Hillman was down 7.5%.
Read our full analysis of ESAB’s results here and Hillman’s results here.
There has been positive sentiment among investors in the professional tools and equipment segment, with share prices up 12.3% on average over the last month. Middleby is up 5.4% during the same time and is heading into earnings with an average analyst price target of $176.86 (compared to the current share price of $136.23).
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