The Middleby Corp (STU:MBY)
€ 130 -1 (-0.76%) Market Cap: 7.01 Bil Enterprise Value: 8.69 Bil PE Ratio: 19.26 PB Ratio: 2.09 GF Score: 88/100
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Q2 2023 Middleby Corp Earnings Call Transcript

Aug 03, 2023 / 03:00PM GMT
Release Date Price: €129 (-2.27%)
Operator

Thank you for joining the Middleby Second Quarter 2023 Conference Call. With us today from management are CEO, Tim FitzGerald; CFO, Bryan Mittelman; Chief Operating and Technology Officer, James Pool; and Chief Commercial Officer, Steve Spittle. (Operator Instructions)

Now I'd like to turn the call over to Tim FitzGerald. Please go ahead, sir.

Timothy J. FitzGerald
The Middleby Corporation - CEO & Director

Good morning, and thank you all for joining us today on our second quarter earnings call. As we begin, please note, there are slides to accompany the call on the investor page of our website.

We are pleased to have posted solid results, reporting a record second quarter with strong performance at both our Commercial and Food Processing businesses. And we continue to progress our Residential business, while it is impacted by the challenging market conditions and destocking of inventory at our channel partners.

We posted overall improved profitability during the quarter and continue to make progress towards our longer

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