Author Topic: MIDD - Middleby Corp  (Read 933 times)

rkbabang

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MIDD - Middleby Corp
« on: February 19, 2019, 12:21:49 PM »
I've been an investor in Middleby for a long time (well over 10 years) and in all that time my investment thesis was simply a bet on Selim Bassoul as CEO.  This was a jockey bet for me entirely and has worked out well.  Unfortunately Bassoul has announced his retirement today leaving me wondering what to do with my stock.   I am probably going to continue to hold and see how new management does, FitzGerald has been CFO for a long time and has worked a long side Bassoul to grow the company to where it is now.  We'll see. It is down ~8% today.

The Middleby Corporation Announces Bassoul Retirement, FitzGerald Named CEO
https://seekingalpha.com/pr/17415709-middleby-corporation-announces-bassoul-retirement-fitzgerald-named-ceo


rkbabang

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Re: MIDD - Middleby Corp
« Reply #1 on: February 27, 2019, 07:35:51 AM »
Great 4th Quarter.  Beat expectations. Up 10% today.

https://middlebycorporation.gcs-web.com/news-releases/news-release-details/middleby-corporation-reports-fourth-quarter-and-full-year-6

"Net earnings for the fourth quarter were $94.8 million or $1.70 diluted earnings per share on net sales of $756.7 million as compared to the prior year fourth quarter net earnings of $75.2 million or $1.35 diluted earnings per share on net sales of $632.9 million. Net earnings for the fiscal year ended December 29, 2018 were $317.2 million or $5.70 diluted earnings per share on net sales of $2,722.9 million as compared to the prior year net earnings of $298.1 million or $5.26 diluted earnings per share on net sales of $2,335.5 million. Net earnings in the current quarter were impacted by the dilutive impact of the Taylor acquisition and restructuring. Net earnings in the prior year were impacted by restructuring, the gain on sale of plant, the impairment of intangible assets, complying with the Tax Cuts and Job Act of 2017 and the adoption of ASU No, 2016-09. Excluding these items, adjusted earnings per share was $1.79 and $1.62 for the 2018 and 2017 fourth quarter periods, respectively."