The Middleby Corporation (NASDAQ:MIDD) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Tim FitzGerald - Chief Executive Officer

James Pool - Chief Technology & Operations Officer

Bryan Mittelman - Chief Financial Officer

Steve Spittle - Chief Commercial Officer

Conference Call Participants

Saree Boroditsky - Jefferies

Jeff Hammond - KeyBanc Capital Markets

Tim Thein - Citi

Tami Zakaria - JPMorgan

Brian McNamara - Canaccord Genuity

Mircea Dobre - Baird

Walter Liptak - Seaport

Operator

Thank you for joining The Middleby Third Quarter Conference Call. With us today from management are CEO, Tim FitzGerald; CFO, Bryan Mittelman, Chief Commercial Officer, Steve Spittle; and Chief Technology and Operations Officer, James Pool, as well Vice President of Investor Relations, John Joyner. We will begin the call with opening remarks from management and then open the call for questions. Instructions on how to get into the queue will be given at that time. Please note this call is being recorded.

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

Tim FitzGerald

Thank you, and good morning. Thanks for joining us today on our third quarter earnings call. As we begin, please note there are slides to accompany the call on the Investor page of our website.

We're very excited to have joining us on today's call, John Joyner, our new Head of Investor Relations for Middleby. As many of you may know, John is joining us from BMO, where he did a tremendous job covering Middleby for many years. So he has a deep understanding of our industry with a passion for Middleby.

Given the recent expansion and significant expansion and scale of our business over recent years, it was the right time to establish a dedicated leader for Investor Relations, and we are excited to have John, as the first to step into this role for Middleby. I know John's presence will significantly benefit all of our current and future shareholders, and we are fortunate to have John now in the Middleby team.

Now on to the quarter, we are pleased to have posted solid results reported -- reporting record earnings and cash flows in the quarter and for the year, driven by strong execution at both our commercial and our food processing businesses. We continue to make significant progress at our residential business, positioning for growth and a return to higher levels of profitability when the market recovers, while at the same time managing the near-term impacts of the challenging market conditions. We again posted overall improved profitability and are realizing the benefit of our profit actions as we progress toward our longer-term margin targets.