Middleby reports Q3 adjusted EPS $2.37, consensus $2.07

Reports Q3 revenue $982.13M, consensus $961.21M. Tim FitzGerald, CEO of The Middleby (MIDD) Corporation said, “As part of our efforts to maximize shareholder value, we are conducting a strategic review of our Residential Kitchen business unit and determined that a non-cash impairment charge was necessary as we evaluate alternatives. This strategic review, along with our planned food processing spin and share repurchasing activities, are all part of our initiative to unlock value. Our three-industry leading business platforms are well-positioned for long term growth and we continue to believe this value is not reflected in our share price.”