Yahoo Finance Middleby (MIDD) Reports Q2: Everything You Need To Know Ahead Of Earnings
Kitchen product manufacturer Middleby (NYSE:MIDD) will be announcing earnings results tomorrow before market hours. Here's what to expect.
Middleby missed analysts' revenue expectations by 5.5% last quarter, reporting revenues of $926.9 million, down 8% year on year. It was a weak quarter for the company, with a miss of analysts' earnings and organic revenue 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 decline 4.7% year on year to $991.2 million, a reversal from the 2.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.30 per share.
The majority of analysts covering the company have 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 four times over the last two years.
Looking at Middleby's peers in the industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Stanley Black & Decker's revenues decreased 3.2% year on year, meeting analysts' expectations, and Fortive reported revenues up 1.7%, in line with consensus estimates. Fortive traded down 8.6% following the results.
Read our full analysis of Stanley Black & Decker's results here and Fortive's results here.
There has been positive sentiment among investors in the industrial machinery segment, with share prices up 9.4% on average over the last month. Middleby is up 10.3% during the same time and is heading into earnings with an average analyst price target of $157.6 (compared to the current share price of $133.34).
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