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MIDDLEBY The Middleby Corporation Reports Third Quarter Results November 9 , 2021 12:00 PM EST ELGIN , III .-- ( BUSINESS WIRE ) -- Nov . 9 , 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 third quarter of $ 176.0 million or $ 3.09 diluted earnings per share on net sales of $ 817.5 million . Adjusted net earnings were $ 106.4 million or $ 1.92 adjusted diluted earnings per share . A full reconciliation between GAAP and non - GAAP measures is provided at the end of the press release . " We continue to build upon the positive momentum across our business segments -- investing in technology innovations to address the dynamic market trends , furthering our strategic sales initiatives , and expanding our brand portfolio with the recent acquisitions of Novy and Imperial Range , " said Tim FitzGerald CEO of the Middleby Corporation . " The demand for our solutions remains strong with record incoming orders and backlog . We are proactively managing through the current impact of supply chain disruptions and significant inflationary pressures , while we make progress toward our long - term profitability goals . " 2021 Third Quarter Financial Results • Net sales increased 28.8 % in the third quarter over the comparative prior year period . Excluding the impacts of acquisitions , a disposition and foreign exchange rates , sales increased 22.4 % in the third 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 third quarter of 2021. A reconciliation of reported net sales by segment is as follows : Reported Net Sales Growth Acquisitions / ( Disposition ) Foreign Exchange Rates Organic Net Sales Growth ( 1 ) ( 2 ) Commercial Foodservice Residential Kitchen Food Processing Total Company 37.8 % 26.7 % 1.8 % 28.8 % 4.9 % 9.9 % - % 5.1 % 1.0 % 31.9 % 2.6 % 0.5 % 1.3 % 14.2 % 1.4 % 22.4 % ( 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 third quarter of 2021 amounted to a record level of $ 1.2 billion 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 100 % over the prior year end when excluding backlog from businesses acquired during the year . • Adjusted EBITDA ( a non - GAAP measure ) was $ 172.2 million , in the third 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 : Commercial Foodservice Residential Kitchen Food Processing Total Company Adjusted EBITDA Acquisitions Foreign Exchange Rates Organic Adjusted EBITDA ( 1 ) ( 2 ) 24.4 % ( 0.1 ) % - % 24.5 % 20.9 % 0.4 % ( 0.1 ) % 20.6 % 21.8 % 21.1 % - % 0.1 % ― % - % 21.8 % 21.0 % ( 1 ) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates . ( 2 ) Totals may be impacted by rounding • Operating cash inflows during the third quarter amounted to $ 173.7 million in comparison to $ 151.4 million in the prior year period . During three months period ended October 2 , 2021 , the company received net of taxes and deal costs , approximately $ 77.3 million in a termination