Q3 2022 Middleby Corp Earnings Call Transcript

Feb 07, 2024

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Nov 09, 2022 / 04:00PM GMT
Operator

Thank you for joining us for the Middleby third quarter conference call. With us today from management are Tim FitzGerald, CEO; Bryan Mittelman, CFO; James Pool, Chief Technology Officer; and Steve Spittle, Chief Commercial Officer. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Mr. FitzGerald. Please go ahead, sir.

Timothy J. FitzGerald - The Middleby Corporation - CEO & Director

Great. Thank you, and thanks, everybody, for joining us today on our third quarter earnings call. As we begin, please note, we've posted slides to accompany the call on our Investor page of the website. We are pleased to have posted another record quarter, reporting 14% growth in organic sales and 23% growth in adjusted EBITDA. During the quarter, we also reported strong profitability with improvement in EBITDA margins to 26.5% at our Commercial Foodservice business, 23.9% at our Food Processing segment and 20.6% at our Residential business when excluding the impact of recent acquisitions.

The

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