Q2 adjusted EPS excluding Food Processing rose year over year, aided by organic growth and repurchases.
Q2 sales were $875.5 million, adjusted EBITDA was $193.2 million, and operating income was $148 million.
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the industrial machinery and equipment peer group is "buy".
Wall Street's median 12-month price target for The Middleby Corporation is $167.00, about 28.2% above its August 10 closing price of $130.30.
The stock recently traded at 17 times the next 12-month earnings versus a P/E of 12 three months ago.
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