Middleby sees Q4 revenue and earnings ‘on par or slightly higher’ than Q3

Middleby CFO Bryan Mittelman said on the company’s Q3 call, according to a transcript: “Bringing it back to the near term, here are some quick thoughts on what we think ’23 will conclude. Starting with Resi. Last quarter, I noted that we expected Q3 to hopefully be the trough, and our results obviously reflect the challenging market conditions. Nonetheless, we do expect that Q4 can produce higher revenues than Q3 and at least maintain double-digit EBITDA margins. For food processing, Q4 will see higher revenues than Q3 and likely at least similar margins. For commercial, I expect Q4 to overall be fairly consistent with Q3 given current demand and the tail end of dealer destocking. Putting the three segments together, when looking at the total company potential Q4 performance, revenue and earnings should be on par or slightly higher than Q3. Looking beyond the fourth quarter, it is obviously hard to know with great certainty what 2024 will look like. However, I will share that our expectation is for modest top line growth and expanding margins across all our segments.”