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ELGIN, Ill.--(BUSINESS WIRE)--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 2020 third quarter of $60.5 million or $1.10 diluted earnings per share on net sales of $634.5 million. Adjusted net earnings were $73.9 million or $1.34 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures are provided at the end of this press release. While the COVID-19 pandemic continues to have a major impact on our business, the quick and decisive actions we took earlier this year have strengthened our business and are reflected in the strong financial performance in the third quarter. We delivered record cash flows, improved profitability, and enhanced our capital structure for the long-term. While we have implemented the necessary adjustments for uncertain business conditions, we continue to invest in strategic technology and sales initiatives. Most importantly, we remain dedicated to supporting our customers, while keeping the safety and protection of our employees as our top priority, said Tim FitzGerald, CEO of The Middleby Corporation. 2020 Third Quarter Financial Results Commercial Foodservice Residential Kitchen Food Processing Total Company Reported Net Sales Growth (25.9 )% 14.0 % 24.1 % (12.4 )% Acquisitions 1.2 % 1.0 % 0.9 % 1.1 % Foreign Exchange Rates 0.3 % 1.7 % 0.8 % 0.6 % Organic Net Sales Growth (1) (2) (27.4 )% 11.4 % 22.4 % (14.1 )% (1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates (2) Totals may be impacted by rounding Commercial Foodservice Residential Kitchen Food Processing Total Company Adjusted EBITDA 22.4 % 18.3 % 23.8 % 19.9 % Acquisitions (0.2 )% (1.8 )% (0.1 )% (0.6 )% Foreign Exchange Rates % (0.4 )% 0.2 % % Organic Adjusted EBITDA (1) (2) 22.6 % 20.4 % 23.7 % 20.5 % (1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates (2) Totals may be impacted by rounding "In Commercial Foodservice, orders have consistently improved since the initial impact of COVID-19 in the second quarter. Foodservice demand has proven resilient with growing industry traffic resulting from the significant expansion of delivery, drive-through and curb-side pick-up. Restaurant operators are quickly adapting to these emerging trends that have accelerated during the pandemic, and present growth opportunities for our business. There is also a strong desire to return to indoor dining, which is benefiting our casual dining customers. We are well positioned with solutions that address the evolving foodservice environment. Interest continues to grow for our ventless products, automated cooking and beverage systems, touchless pick-up and delivery equipment, and for our Open Kitchen cloud-based IoT solution. With our launch of Bluezone by Middleby, we are pleased to offer an industry-leading air-sanitization system that reduces the airborne transfer of viruses, such as COVID-19, with 99.9995% kill rate effectiveness, supporting our restaurant customers as they seek solutions to address indoor dining concerns, commented Mr. FitzGerald. "At our Residential Kitchen businesses, growth in order rates reflect increased time spent at home and in the kitchen. Favorable conditions in the housing market have returned and can be seen in new construction and home sales trends. The order rates also reflect demand for recently-debuted product innovations across the portfolio of our premium brands. Our investments continue with the addition of our showrooms, digital marketing initiatives and designer sales efforts. At the Food Processing Group, travel restrictions have created challenges with customer demonstrations and installations. We anticipate this will have an impact on orders and shipments in the near-term. Despite this disruption, backlog levels remain healthy and there is strong interest in our recent product introductions. We remain focused on increasing our presence in fast-growing segments, such as cured meats and alternative protein. We are also positioned to support our customers growing requirements for automation solutions to address labor availability and increased employee safety concerns, Mr. FitzGerald concluded. Conference Call A conference call will be held at 10 a.m. Central Time on Thursday, November 5 and can be accessed by dialing (888) 391-6937 or (315) 625-3077 and providing conference code 4756758#. The conference call is also accessible through the Investor Relations section of the company website at www.middleby.com. A replay of the conference call will be available two hours after the conclusion of the call by dialing (855) 859-2056 and entering conference code 4756758#. Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets, APW Wyott, Bakers Pride, Beech, BKI, Blodgett, Blodgett Combi, Blodgett Range, Bloomfield, Britannia, Carter-Hoffmann, Celfrost, Concordia, CookTek, Crown, CTX, Desmon, Deutsche Beverage, Doyon, Eswood, EVO, Firex, Follett, frifri, Giga, Globe, Goldstein, Holman, Houno, IMC, Induc, Ink Kegs, Jade, JoeTap, Josper, L2F, Lang, Lincat, MagiKitch'n, Market Forge, Marsal, Middleby Marshall, MPC, Nieco, Nu-Vu, PerfectFry, Pitco, QualServ, RAM, Southbend, Ss Brewtech, Star, Starline, Sveba Dahlen, Synesso, Taylor, Toastmaster, TurboChef, Ultrafryer, Varimixer, Wells and Wunder-Bar. The companys leading equipment brands serving the food processing industry include Alkar, Armor Inox, Auto-Bake, Baker Thermal Solutions, Burford, Cozzini, CVP Systems, Danfotech, Deutsche Process, Drake, Emico, Glimek, Hinds-Bock, Maurer-Atmos, MP Equipment, M-TEK, Pacproinc, RapidPak, Scanico, Spooner Vicars, Stewart Systems, Thurne and Ve.Ma.C.. The companys leading equipment brands serving the residential kitchen industry include AGA AGA Cookshop, Brava, EVO, Fired Earth, Heartland, La Cornue, Leisure Sinks, Lynx, Marvel, Mercury, Rangemaster, Rayburn, Redfyre, Sedona, Stanley, TurboChef, U-Line and Viking. For more information about The Middleby Corporation and the company brands, please visit www.middleby.com. THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in 000s, Except Per Share Information) (Unaudited) Three Months Ended Nine Months Ended 3rd Qtr, 2020 3rd Qtr, 2019 3rd Qtr, 2020 3rd Qtr, 2019 Net sales $ 634,525 $ 724,014 $ 1,783,961 $ 2,171,820 Cost of sales 411,776 453,986 1,157,896 1,358,001 Gross profit 222,749 270,028 626,065 813,819 Selling, general and administrative expenses 128,814 144,460 384,580 434,884 Former Chairman and CEO transition costs 10,116 Restructuring expenses 7,263 4,223 10,281 6,806 Income from operations 86,672 121,345 231,204 362,013 Interest expense and deferred financing amortization, net 18,418 20,846 55,881 63,334 Net periodic pension benefit (other than service costs) (10,149 ) (7,175 ) (30,004 ) (22,233 ) Other (income) expense, net (294 ) 1,444 3,414 (489 ) Earnings before income taxes 78,697 106,230 201,913 321,401 Provision for income taxes 18,181 24,210 46,456 78,158 Net earnings $ 60,516 $ 82,020 $ 155,457 $ 243,243 Net earnings per share: Basic $ 1.10 $ 1.47 $ 2.82 $ 4.37 Diluted $ 1.10 $ 1.47 $ 2.82 $ 4.37 Weighted average number of shares Basic 54,982 55,663 55,104 55,641 Diluted 55,100 55,663 55,152 55,641 THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in 000s, Except Per Share Information) (Unaudited) Sep 26, 2020 Dec 28, 2019 ASSETS Cash and cash equivalents $ 220,310 $ 94,500 Accounts receivable, net 381,273 447,612 Inventories, net 557,512 585,699 Prepaid expenses and other 67,261 61,224 Prepaid taxes 14,826 20,161 Total current assets 1,241,182 1,209,196 Property, plant and equipment, net 343,860 352,145 Goodwill 1,855,361 1,849,747 Other intangibles, net 1,420,600 1,443,381 Long-term deferred tax assets 35,115 36,932 Other assets 124,066 110,742 Total assets $ 5,020,184 $ 5,002,143 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 23,152 $ 2,894 Accounts payable 152,262 173,693 Accrued expenses 421,580 416,550 Total current liabilities 596,994 593,137 Long-term debt 1,808,973 1,870,246 Long-term deferred tax liability 137,276 133,500 Accrued pension benefits 252,420 289,086 Other non-current liabilities 193,199 169,360 Stockholders' equity 2,031,322 1,946,814 Total liabilities and stockholders' equity $ 5,020,184 $ 5,002,143 THE MIDDLEBY CORPORATION NON-GAAP INFORMATION (UNAUDITED) (Amounts in 000s, Except Percentages) Commercial Foodservice Residential Kitchen Food Processing Total (1) Three Months Ended September 26, 2020 Net sales $ 371,223 $ 152,654 $ 110,648 $ 634,525 Segment Operating Income $ 57,483 $ 22,626 $ 22,860 $ 86,672 Operating Income % of net sales 15.5 % 14.8 % 20.7 % 13.7 % Depreciation 5,360 2,965 1,480 9,805 Amortization 12,923 2,170 1,794 16,887 Restructuring expenses 6,969 138 156 7,263 Facility consolidation related expenses 574 574 Stock Compensation 5,300 Segment adjusted EBITDA $ 83,309 $ 27,899 $ 26,290 $ 126,501 Adjusted EBITDA % of net sales 22.4 % 18.3 % 23.8 % 19.9 % Three Months Ended September 28, 2019 Net sales $ 500,990 $ 133,877 $ 89,147 $ 724,014 Segment Operating Income $ 105,099 $ 17,850 $ 13,349 $ 121,345 Operating Income % of net sales 21.0 % 13.3 % 15.0 % 16.8 % Depreciation 5,413 2,897 1,158 9,476 Amortization 12,230 2,413 2,616 17,259 Restructuring expenses 2,126 2,017 80 4,223 Facility consolidation related expenses 381 952 1,333 Acquisition related inventory step-up charge 1,258 186 1,444 Stock Compensation 1,923 Segment adjusted EBITDA $ 126,507 $ 26,129 $ 17,389 $ 157,003 Adjusted EBITDA % of net sales 25.3 % 19.5 % 19.5 % 21.7 % Nine Months Ended September 26, 2020 Net sales $ 1,081,847 $ 385,637 $ 316,477 $ 1,783,961 Segment Operating Income $ 173,064 $ 41,860 $ 57,801 $ 231,204 Operating Income % of net sales 16.0 % 10.9 % 18.3 % 13.0 % Depreciation 15,567 8,742 4,179 28,503 Amortization 38,257 7,627 5,494 51,378 Restructuring expenses 9,115 973 193 10,281 Facility consolidation related expenses 848 848 Acquisition related inventory step-up charge 2,106 2,106 Stock Compensation 14,422 Segment adjusted EBITDA $ 238,957 $ 59,202 $ 67,667 $ 338,742 Adjusted EBITDA % of net sales 22.1 % 15.4 % 21.4 % 19.0 % Nine Months Ended September 28, 2019 Net sales $ 1,471,800 $ 420,546 $ 279,474 $ 2,171,820 Segment Operating Income $ 313,482 $ 57,220 $ 44,477 $ 362,013 Operating Income % of net sales 21.3 % 13.6 % 15.9 % 16.7 % Depreciation 15,714 8,697 3,498 28,014 Amortization 34,519 7,308 6,223 48,050 Restructuring expenses 2,977 3,693 136 6,806 Facility consolidation related expenses 381 952 1,333 Acquisition related inventory step-up charge 2,494 186 2,680 Stock Compensation 3,257 Former Chairman and CEO transition costs 10,116 Segment adjusted EBITDA $ 369,567 $ 77,870 $ 54,520 $ 462,269 Adjusted EBITDA % of net sales 25.1 % 18.5 % 19.5 % 21.3 % (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $11.0 million and $13.0 million for the three months ended September 26, 2020 and September 28, 2019, respectively, and $27.1 million and $39.7 million for the nine months ended September 26, 2020 and September 28, 2019, respectively. Three Months Ended 3rd Qtr, 2020 3rd Qtr, 2019 $ Diluted per share $ Diluted per share Net earnings $ 60,516 $ 1.10 $ 82,020 $ 1.47 Amortization (1) 17,861 0.32 17,661 0.32 Amortization of discount on convertible notes 1,848 0.03 Restructuring expenses 7,263 0.13 4,223 0.08 Acquisition related inventory step-up charge 1,444 0.03 Facility consolidation related expenses 574 0.01 1,333 0.02 Net periodic pension benefit (other than service costs) (10,149 ) (0.18 (7,175 ) (0.13 ) Income tax effect of pre-tax adjustments (4,019 ) (0.07 (3,987 ) (0.07 ) Adjusted net earnings $ 73,894 $ 1.34 $ 95,519 $ 1.72 Nine Months Ended 3rd Qtr, 2020 3rd Qtr, 2019 $ Diluted per share $ Diluted per share Net earnings $ 155,457 $ 2.82 $ 243,243 $ 4.37 Amortization (1) 53,373 0.97 49,258 0.89 Amortization of discount on convertible notes 1,848 0.03 Restructuring expenses 10,281 0.19 6,806 0.12 Acquisition related inventory step-up charge 2,106 0.04 2,680 0.05 Facility consolidation related expenses 848 0.02 1,333 0.02 Net periodic pension benefit (other than service costs) (30,004 (0.54 (22,233 (0.40 ) Former Chairman & CEO transition costs 10,116 0.18 Income tax effect of pre-tax adjustments (8,844 (0.17 (11,654 (0.21 Adjusted net earnings $ 185,065 $ 3.36 $ 279,549 $ 5.02 (1) Includes amortization of deferred financing costs and convertible notes issuance costs. Three Months Ended Nine Months Ended 3rd Qtr, 2020 3rd Qtr, 2019 3rd Qtr, 2020 3rd Qtr, 2019 Net Cash Flows Provided By (Used In): Operating activities $ 151,422 $ 128,154 $ 316,182 $ 229,744 Investing activities (10,358 ) (84,074 ) (53,539 ) (272,793 Financing activities (573,169 ) (35,555 ) (134,838 ) 61,615 Free Cash Flow Cash flow from operating activities $ 151,422 $ 128,154 $ 316,182 $ 229,744 Less: Net capital expenditures (7,064 ) (12,189 ) (20,395 ) (33,819 ) Free cash flow $ 144,358 $ 115,965 $ 295,787 $ 195,925 NON-GAAP FINANCIAL MEASURES The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. The company believes that organic net sales growth, non-GAAP adjusted segment EBITDA, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The Company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results. Under GAAP, certain convertible debt instruments that may be settled in cash (or other assets) upon conversion are required to be separately accounted for as liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuers nonconvertible debt borrowing rate. Accordingly, for GAAP purposes the company is required to recognize imputed interest expense on the companys $747.5 million of convertible senior notes due 2025 that were issued in a private placement in August 2020. The imputed interest rate is 4.7% for the convertible notes due 2025, while the actual coupon interest rate of the notes is 1.0%. The difference between the imputed interest expense and the coupon interest expense is excluded from managements assessment of the Companys operating performance because management believes that this non-cash expense is not indicative of its core, ongoing operating performance. The company believes that free cash flow is an important measure of operating performance because it provides management and investors a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock. The Company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.

Answer: The Middleby Corporation Reports Third Quarter Results