The Middleby Corporation (NASDAQ:MIDD) Q4 2022 Earnings Conference Call February 21, 2023 11:00 AM ET
Company Participants
Tim FitzGerald - Chief Executive Officer
Bryan Mittelman - Chief Financial Officer
James Pool - Chief Technology Officer
Steve Spittle - Chief Commercial Officer
Conference Call Participants
John Joyner - BMO Capital Markets
Saree Boroditsky - Jefferies
Tami Zakaria - JPMorgan
Jeff Hammond - KeyBanc Capital Markets
Brian McNamara - Canaccord
Todd Brooks - The Benchmark Company
Operator
Good day, and welcome to the Middleby Fourth Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] With us today from management are, Tim FitzGerald, Chief Executive Officer; Bryan Mittelman, Chief Financial Officer; James Pool, Chief Technology and Operations Officer; and Steven Spittle, Chief Commercial Officer.
Please note today's call is being recorded. Now I'll turn the conference over to Mr. FitzGerald. Please go ahead.
Tim FitzGerald
Thank you for joining us today on our fourth 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 finished the year with strong results in the fourth quarter, along with the close to another record year in 2022.
For the year, we surpassed a milestone eclipsing $4 billion in revenues, while adding approximately $140 million to our earnings for the year, reporting just over $850 million of EBITDA. We realized sustainable improvements in profitability over the course of the year as our investments in manufacturing and our initiatives to evolve our product portfolio to focus on innovation is taking hold.
These efforts are offsetting the significant inflationary and supply chain headwinds we faced throughout the entire year and these efforts will continue to provide momentum as we move through 2023.
In 2022, we continue to make critical strategic investments in innovation, go-to-market capabilities and acquisitions, strengthening each of our three industry-leading foodservice businesses and bolstering our competitive positioning in the marketplace.
In 2022, we developed and introduced a record number of new products across our brands and significantly furthered our company-wide technology initiatives pertaining to digital controls, IoT and automation.
In 2022, we continued to take steps forward on our go-to-market initiatives, investing in our innovation kitchens, adding to our culinary teams, expanding our digital sales capabilities and deepening our strategic channel partnerships with a focus on strengthening engagement and support to our end-user customers.
In 2022, we also continued to execute on our long-standing track record with smart and strategic acquisitions, adding eight new brands to our portfolio and further extending offerings with exciting new product innovations in each of our three foodservice segments.