DivestmentMay 14, 2026, 04:13 PM
Middleby Reports Q1 Net Loss of $50.07M; Completes Residential Kitchen Divestment
AI Summary
Middleby Corporation reported a net loss of $50.073 million for the three months ended April 4, 2026, primarily due to a $135.357 million loss from discontinued operations related to the sale of a 51% stake in its Residential Kitchen Equipment Group. The company received $564.6 million in cash proceeds from this divestment and now holds a 49% non-controlling equity interest. Additionally, Middleby is targeting a spin-off of its Food Processing business by July 6, 2026.
Key Highlights
- Net loss for the three months ended April 4, 2026, was $50.073 million.
- Loss from discontinued operations was $135.357 million for the quarter.
- Net sales from continuing operations increased to $839.908 million from $730.623 million year-over-year.
- Received $564.575 million in cash proceeds from the sale of a 51% interest in the Residential Kitchen Equipment Group.
- Repurchased 2,385,405 shares of common stock for $365.9 million during the quarter.
- Cash and cash equivalents decreased to $177.065 million as of April 4, 2026, from $222.239 million.
- Commercial Foodservice segment net sales were $615.536 million for the quarter.
- Food Processing segment net sales were $224.372 million for the quarter.