Middleby raises FY25 adjusted EPS view to $8.99-$9.14 from $8.65-$9.05

Consensus $8.86. Raises FY25 revenue view to $3.85B-$3.89B from $3.81B-$3.87B, consensus $3.85B. Narrows FY25 adjusted EBITDA view to $779M-$789M from $770M-$800M. FitzGerald concluded, “In terms of the third quarter, we were pleased to have delivered results that met or exceeded our sales expectations for all three segments with profitability at the top-end of our previously disclosed outlook. Going forward, despite market conditions that remain challenging across key end markets, we continue to make strategic progress and grow market share in key categories driven by strong operating performance and industry-leading innovation. Specifically at our Commercial Foodservice business, organic growth was driven by our key dealer partners in the general market and better-performing segments, including institutional customers and fast casual chains. Within Residential Kitchen, our premium indoor brands experienced growth, which was partially offset by tariffs impacting sales of outdoor products. Results in the Food Processing segment reflect slow order rates in the first half of the year, however we realized solid order growth in the third quarter with improving market dynamics and better conversion of large projects.”