Cooking Equipment Company Middleby Misses On Q3 Topline Hit By Inventory De-Stocking, Rising Interest Rate Headwinds
Portfolio Pulse from Akanksha Bakshi
Middleby Corp reported a 1.2% YoY decline in Q3 FY23 net sales to $980.65 million, missing the consensus of $1.02 billion. The company's adjusted EPS improved by 8% YoY to $2.35, beating the consensus of $2.31. The company is facing challenges due to inventory de-stocking and rising interest rates. Despite this, MIDD shares traded higher by 2.25% at $117.03.
November 08, 2023 | 4:55 pm
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Middleby Corp reported lower than expected Q3 FY23 net sales but beat EPS estimates. The company is facing challenges due to inventory de-stocking and rising interest rates, but its shares traded higher.
Middleby Corp's Q3 FY23 net sales were lower than expected, indicating a potential negative impact. However, the company beat EPS estimates, which is a positive signal. Despite the challenges it is facing, the company's shares traded higher, indicating investor confidence.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100