2024-02-20 20:07:04 ET
The Middleby Corporation (MIDD)
Q4 2023 Earnings Conference Call
February 20, 2024 11:00 AM ET
Company Participants
Tim FitzGerald - Chief Executive Officer
James Pool - Chief Technology Officer and Chief Operations Officer
Bryan Mittelman - Chief Financial Officer
Steve Spittle - Chief Commercial Officer
Conference Call Participants
Mig Dobre - Baird
Jae Hyun Ko - Jefferies
Larry DeMaria - William Blair
Walt Liptak - Seaport Research
Brian McNamara - Canaccord Genuity
Tami Zakaria - JPMorgan
Jeff Hammond - KeyBanc Capital Markets
Presentation
Operator
Thank you for joining us for The Middleby Corporation Fourth Quarter Earnings Conference Call.
With us today from management are Tim FitzGerald, CEO; Bryan Mittelman, CFO; James Pool, Chief Technology and Operations Officer; Steve Spittle, Chief Commercial Officer; and John Joyner, Vice President of Investor Relations. We will begin the call with comments from management, then open the line for questions. Instructions on how to get into the queue will be given at that time. Please note, this event is being recorded.
I would now like to turn the conference over to Tim FitzGerald. Please go ahead.
Tim FitzGerald
Good morning. Thank you for joining us today on our fourth quarter earnings call. As we begin, please note, there are slides to accompany the call on the Investor page of our website.
We are proud of the accomplishments The Middleby team delivered across the business in 2023. The year proved once again to be challenging marked by supply chain disruptions, inflationary costs, and the impact of interest rates, presenting operational challenges across all three businesses, and materially affecting the demand in our Residential business. Our teams focused on delivering every day for our customers while executing on our long-term strategic growth initiatives and delivering the strong financial results we reported for the year.
We're pleased to have closed 2023 with a record EBITDA eclipsing $900 million, record operating cash flows exceeding $600 million, and significant -- made significant progress towards the long-term profitability goals we've set out, achieving combined Company margins which expanded to over 22%....
Read the full article on Seeking Alpha
For further details see:
The Middleby Corporation (MIDD) Q4 2023 Earnings Call Transcript