Kitchen product manufacturer Middleby (NASDAQ:MIDD) will be reporting results this Thursday before market open. Here’s what to expect.
Middleby missed analysts’ revenue expectations last quarter, reporting revenues of $866.4 million, up 4.5% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations significantly and full-year EBITDA guidance missing analysts’ expectations significantly.
Is Middleby a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Middleby’s revenue to decline 14.4% year on year, a further deceleration from the 2.2% decrease it recorded in the same quarter last year.
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 multiple 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. Stanley Black & Decker delivered year-on-year revenue growth of 2.7%, beating analysts’ expectations by 2.7%, and Fortive reported revenues up 7.7%, topping estimates by 2.4%. Stanley Black & Decker’s stock price was unchanged after the resultswhile Fortive was down 4.4%.
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 professional tools and equipment segment, with share prices up 9.9% on average over the last month. Middleby is up 3.3% during the same time and is heading into earnings with an average analyst price target of $185.25 (compared to the current share price of $139.43).
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