Middleby Bets on a Housing Recovery to Help Residential Kitchen Business

Middleby’s Residential Kitchen business has been posting pretty lackluster results recently. They point to a mixture of consumer sentiment from macroeconomic factors and still too much inventory at retail. According to an investor presentation though, they believe improvements are on the horizon.

Their Residential Kitchen business encompasses quite a few brands, from the ultra-premium Viking to all their outdoor brands like Masterbuilt, Kamado Joe, and Char-Griller. One theme that’s true for all the brands is a decrease in discretionary spending is going hurt them. Another is that there is a correlation with home sales.