The Middleby Corporation (NASDAQ:MIDD) Q3 2023 Earnings Call Transcript

So certainly, we think we’re at a low point. But there’s a lot to be excited about in the portfolio. When — and again, you look at the products themselves, the innovations, the expansions and all the things we’ve done on the cost side, right? We’re really proud of what we’ve done with all our acquired businesses in terms of where their margins were when we bought them versus where they are today and where they are at better times. And so we know we will get back there. And again, with the portfolio and get even to higher levels than we were previously.

Walter Liptak: Okay. Great. And if I could just do another quick one.

Tim FitzGerald: Sure.

Walter Liptak: On pricing and specifically for commercial food service, there’s still inflation out there even though it’s come down. Do you plan on doing price increases at the beginning of 2024?

Steve Spittle: Yes. Walt, this is Steve. So I mean maybe just a quick recap of I think pricing broadly in commercial, again, been one of the most important strategic initiatives in the company trying to get ahead of, obviously, all the inflationary costs over the last 12 months to 24 months. So I’m very proud of the team. I think we do have good work to get the pricing through and now to a place where I think we can be a lot more thoughtful about pricing going to next year. I do think there are still products in our portfolio, Walt, where they’re till more affected by certain components and supply chain, and we do still need to take a little bit of pricing on those products. But I do think, by and large, going into next year, I do not see us taking a lot of pricing further from a kind of a broad standpoint, certainly subject to any other kind of supply chain or world disruption that could cause further inflation.

But I think at this point, I don’t see us taking a whole lot more pricing going into the next year in commercial.

Walter Liptak: Okay. Great. Thank you.

Operator: That is all the questions we have today. I would like to turn the conference back over to management for closing remarks.

Tim FitzGerald: Well, thank you, everybody for joining us on today’s call. And we look forward to speaking to you next quarter. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.