Page 1

MIDDLEBY The Middleby Corporation Reports First Quarter Results May 6 , 2021 11:00 AM EDT ELGIN , III .-- ( BUSINESS WIRE ) -- May 6 , 2021-- The Middleby Corporation ( NASDAQ : MIDD ) , a leading worldwide manufacturer of equipment for the commercial foodservice , food processing , and residential kitchen industries , today reported net earnings for the 2021 first quarter of $ 89.3 million or $ 1.59 diluted earnings per share on net sales of $ 758.1 million . Adjusted net earnings were $ 98.7 million or $ 1.79 adjusted diluted earnings per share . A full reconciliation between GAAP and non - GAAP measures is provided at the end the press release . " We have positive momentum entering 2021 with strong orders and rising backlogs in all three business segments . Profitability across all three business segments increased as well , as we realized the benefits of our operating initiatives while also to moving forward our strategic initiatives with investments in sales , technology and service capabilities . We continue to proactively manage ongoing challenges due to COVID , particularly with supply chain disruption and rising costs , to minimize customer impact . Employee safety remains our top priority and we have kept the precautions at our facilities in place to best protect our workforce , " said Tim FitzGerald , CEO of The Middleby Corporation . 2021 First Quarter Financial Results • Net sales increased 11.9 % in the first quarter over the comparative prior year period . Excluding the impacts of acquisitions , a disposition and foreign exchange rates , sales increased 8.4 % in the first quarter over the comparative prior year period , reflecting improvements in market conditions and consumer demand since the initial impact of COVID - 19 . • Organic net sales ( a non - GAAP measure ) increases were reported for all segments due to improvements in market conditions and consumer demand in the first quarter of 2021. A reconciliation of reported net sales by segment is as follows : Residential Kitchen Reported Net Sales Growth Acquisitions / ( Disposition ) Foreign Exchange Rates Organic Net Sales Growth ( 1 ) ( 2 ) Commercial Foodservice Food Processing Total Company 8.6 % 26.4 % 7.9 % 11.9 % 4.2 % ( 5.8 ) % 1 % 1.8 % 1.2 % 3.5 % 1.3 % 1.6 % 3.2 % 28.7 % 6.5 % 8.4 % ( 1 ) Organic net sales growth defined as total sales growth excluding impact of acquisitions , a disposition and foreign exchange rates ( 2 ) Totals may be impacted by rounding • Total backlog at the end of the first quarter of 2021 amounted to a record level of $ 724.5 million as compared to $ 522.7 million at the end of the fiscal 2020. The increase was driven by order growth , primarily at the Commercial Foodservice Group and Residential Kitchen Group , amounting to backlog levels in excess of 40 % over prior year end when excluding backlog from businesses acquired during the year . • Adjusted EBITDA ( a non - GAAP measure ) was $ 161.3 million , in the first quarter of 2021 due to the impact of higher sales volumes and profitability initiatives . A reconciliation of organic adjusted EBITDA ( a non - GAAP measure ) by segment is as follows : Adjusted EBITDA Acquisitions Foreign Exchange Rates Organic Adjusted EBITDA ( 1 ) ( 2 ) Commercial Foodservice Residential Kitchen Food Processing Total Company 24.5 % ( 0.3 ) % ( 0.1 ) % 21.1 % 1 % ― % 20.4 % - % 21.3 % - % - % - % 24.8 % 21.1 % 20.4 % 21.3 % ( 1 ) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates . ( 2 ) Totals may be impacted by rounding