Benzinga | Jul 6, 2021 09:14AM EDT

Middleby Sees Q2 2021 Revs $808M Vs $793.61M Est.; Sees FY21 Revs $3.244B Vs $3.16B Est

The Middleby Corporation (NASDAQ:MIDD) ("Middleby") today is releasing its current Q2 2021 and fiscal year 2021 forecast, well ahead of prior management forecasts and current consensus estimates. We are updating our internal estimates in light of continued strong year-to-date performance and based on the visibility that we have into orders, backlog and other leading indicators. Middleby is benefitting from increased customer orders as the industry recovers from COVID-19, the continued strength in our Residential Kitchen segment, the benefits of our strategic initiatives in sales and distribution, and the realization of integration benefits from previous acquisitions.

($ in millions) Metric Q2 2021E FY2021E

Revenue $808 $3,244Current Middleby Management Forecast Adj. EBITDA $186 $730

Revenue $794 $3,167Current Consensus Estimates Adj. EBITDA $174 $704

Source: Middleby Management and Wall Street Research. Current Middleby Management Forecast and Current Consensus Estimates as of 7/5/2021.

In addition to our forecast being ahead of our previously disclosed fiscal year 2021 Revenue and Adj. EBITDA estimates, we also expect to exceed the Welbilt view of our fiscal year 2022 and 2023 projections included in our Definitive Proxy Statement. Such projections called for Revenue and Adj. EBITDA (when excluding stock-based compensation) of $3,187 million and $801 million, respectively, in 2022 and $3,394 million and $906 million in 2023.

All three of our operating segments have posted strong organic growth in Q2 orders when compared to the pre-Covid levels of Q2 2019, as shown in the table below. In addition, we expect our backlog to reach a record level exceeding $1.0 billion at the end of Q2 2021, a strong increase from $705 million at the end of the first quarter of this year and $287 million at the end of the pre-Covid period of Q2 2019. These metrics outpace the overall market and provide significant visibility into projected earnings.

Operating Segment Q2 2021E Orders Compared to Q2 2019A*

Commercial Foodservice up 30%

Residential Kitchen up 50%

Food Processing up 50%

Total Company up 37%

* Figures are preliminary estimates as of 7/5/2021.