Middleby (MIDD) Q1 Earnings & Sales Miss Estimates, Down Y/Y

The Middleby Corporation (MIDD) reported first-quarter 2024 adjusted earnings of $1.89 per share, which missed the Zacks Consensus Estimate of$2.04. The bottom line decreased 14.1% year over year due to lower sales.Net sales of $927 million missed the consensus estimate of$977 million. The top line dipped 8% year over year. Organic revenues in the reported quarter decreased 8.7%. Acquired assets boosted sales by 0.4% while movements in foreign currencies also had a positive impact of 0.4%.Segmental Result ...