Latest news with #FitzGerald
Toronto Star
5 days ago
- Business
- Toronto Star
John Kennedy FitzGerald Increases Ownership in Greenhawk Resources Inc. and Announces Leadership Changes
TORONTO, Aug. 11, 2025 (GLOBE NEWSWIRE) — Greenhawk Resources Inc. ('Greenhawk' or the 'Company') (CSE: GRHK) announces John Kennedy FitzGerald ('FitzGerald'), of Toronto, Ontario announces that on Friday, August 8, 2025 he acquired in part through the facilities of the Canadian Securities Exchange and in part through a private purchase and sale transaction, ownership and control over an aggregate of 10,233,333 common shares of the Company. Following these acquisitions, FitzGerald beneficially owns or exercises control or direction over 16,569,493 common shares of the Company, representing approximately 19.22% of the issued and outstanding common shares, based on 86,199,162 common shares outstanding as of the date hereof.
Business Wire
06-08-2025
- Business
- Business Wire
The Middleby Corporation Reports Second Quarter Results
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the second quarter of 2025. Tim FitzGerald, CEO of The Middleby Corporation said, 'Our second quarter results reflect the economic uncertainty our customers continue to navigate in key end markets. Despite these headwinds, I'm proud of our team's continued execution in areas within our control. We're delivering strong operational performance, gaining market share with new product launches, and growing the partnerships with our customers. While these quarterly results reflect our market conditions, they don't appropriately capture the fundamental transformation we've achieved across our business to drive long-term growth, particularly across innovation and go-to-market capabilities. We believe we have created an unmatched platform, and as the market inflects, Middleby is poised for outsized growth as we solve increasingly complex challenges for our growing customer base.' FitzGerald concluded, 'Given our confidence in Middleby's trajectory, earlier this year we chose to allocate the vast majority of our free cash flow toward share repurchases as we do not believe our current market valuation reflects the substantial growth opportunities ahead of us. I am pleased to say we repurchased $323 million in the quarter and expect to continue deploying capital opportunistically. This will create significant leverage in our earnings per share as we execute against our plan.' 2025 Second Quarter Financial Results Net sales decreased 1.4% in the second quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 5.4% in the second quarter over the comparative prior year period. A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows: Adjusted EBITDA (a non-GAAP measure) was $200.2 million in the second quarter compared to $216.4 million in the prior year. The second quarter Adjusted EBITDA includes an adverse impact of $10 million related to tariffs. A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows: Commercial Foodservice Residential Kitchen Food Processing Total Company Adjusted EBITDA 27.0 % 10.3 % 21.2 % 20.5 % Acquisitions 0.1 % — % — % 0.1 % Foreign Exchange Rates 0.1 % 0.2 % 0.1 % 0.1 % Organic Adjusted EBITDA (1) (2) 26.8 % 10.1 % 21.1 % 20.3 % (1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates. (2) Totals may be impacted by rounding Expand Operating cash flows during the second quarter amounted to $122.0 million in comparison to $149.5 million in the prior year period. During the second quarter the company repurchased $322.7 million of Middleby shares. The total leverage ratio per our credit agreements was 2.3x. The trailing twelve-month bank agreement pro-forma EBITDA was $848.3 million. Net debt, defined as debt excluding the unamortized discount associated with the Convertible Notes less cash, at the end of the 2025 fiscal second quarter amounted to $1.9 billion as compared to $1.7 billion at the end of fiscal 2024. Our borrowing availability at the end of the second quarter was approximately $2.7 billion. 2025 Outlook Management also provided the following expectations for the third quarter of 2025: Total revenue of $950-975 million; Commercial Foodservice revenue of $580-590 million; Residential Kitchen revenue of $170-180 million; Food Processing revenue of $195-205 million; Adjusted EBITDA of $185-195 million; and Adjusted Earnings Per Share of $2.04-2.19 assuming approximately 50.8 million weighted average shares outstanding. Management provided the following expectations for 2025: Total revenue of $3.81-3.87 billion; Adjusted EBITDA of $770-800 million; and Adjusted Earnings Per Share of $8.65-9.05 (1). 1) FY 2025 Adjusted EPS expectation is the sum of the four quarters of Adjusted EPS, with an underlying assumption of Q3 and Q4 QTD shares outstanding of 50.8 million and 51.0 million, respectively, which incorporates July activity. Expand Conference Call The company has scheduled a conference call to discuss the second quarter results at 11 a.m. Eastern/10 a.m. Central Time on August 6th. The conference call is accessible through the Investor Relations section of the company website at If website access is not available, attendees can join the conference by dialing (844) 676-5090, or (412) 634-6754 for international access, and ask to join the Middleby conference call. The conference call will be available for replay from the company's website. Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company's pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World's Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity. THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in 000's) (Unaudited) Jun 28, 2025 Dec 28, 2024 ASSETS Cash and cash equivalents $ 511,499 $ 689,533 Accounts receivable, net 665,833 643,355 Inventories, net 888,670 841,567 Prepaid expenses and other 134,168 131,566 Prepaid taxes 59,420 24,022 Total current assets 2,259,590 2,330,043 Property, plant and equipment, net 570,414 525,965 Goodwill 2,592,312 2,518,222 Other intangibles, net 1,614,020 1,611,037 Long-term deferred tax assets 6,768 6,281 Pension benefits assets 104,608 91,207 Other assets 188,171 200,396 Total assets $ 7,335,883 $ 7,283,151 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 44,010 $ 43,949 Accounts payable 235,746 208,908 Accrued expenses 601,026 576,465 Total current liabilities 880,782 829,322 Long-term debt 2,331,772 2,351,118 Long-term deferred tax liability 303,353 252,062 Accrued pension benefits 9,188 9,573 Other non-current liabilities 188,233 202,645 Stockholders' equity 3,622,555 3,638,431 Total liabilities and stockholders' equity $ 7,335,883 $ 7,283,151 Expand THE MIDDLEBY CORPORATION NON-GAAP SEGMENT INFORMATION (UNAUDITED) (Amounts in 000's, Except Percentages) Commercial Foodservice (3) Residential Kitchen Food Processing (3) Total Company (1) Three Months Ended June 28, 2025 Net sales $ 580,605 $ 181,059 $ 216,195 $ 977,859 Segment Operating Income $ 137,902 $ 9,327 $ 42,677 $ 155,392 Operating Income % of net sales 23.8 % 5.2 % 19.7 % 15.9 % Depreciation 6,911 4,294 3,095 14,998 Amortization 10,952 1,835 2,629 15,416 Restructuring expenses 746 1,601 (59 ) 2,288 Acquisition related adjustments 37 125 (2,496 ) (2,334 ) Facility consolidation related expenses — 1,421 — 1,421 Strategic Transaction Costs — — — 6,788 Stock compensation — — — 6,224 Segment adjusted EBITDA (2) $ 156,548 $ 18,603 $ 45,846 $ 200,193 Adjusted EBITDA % of net sales 27.0 % 10.3 % 21.2 % 20.5 % Three Months Ended June 29, 2024 Net sales $ 609,811 $ 192,763 $ 188,972 $ 991,546 Segment Operating Income $ 149,425 $ 10,132 $ 42,772 $ 175,708 Operating Income % of net sales 24.5 % 5.3 % 22.6 % 17.7 % Depreciation 6,704 3,969 2,478 13,581 Amortization 12,729 1,799 1,760 16,288 Restructuring expenses 2,532 1,953 865 5,350 Acquisition related adjustments 191 (349 ) (2,197 ) (2,187 ) Stock compensation — — — 7,648 Segment adjusted EBITDA $ 171,581 $ 17,504 $ 45,678 $ 216,388 Adjusted EBITDA % of net sales 28.1 % 9.1 % 24.2 % 21.8 % (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $20.8 million and $18.4 million for the three months ended June 28, 2025 and June 29, 2024, respectively. (2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by approximately $2.4 million for the three months ended June 28, 2025. (3) Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change. Expand THE MIDDLEBY CORPORATION (Amounts in 000's, Except Percentages) Commercial Foodservice Residential Kitchen Food Processing Total Company (1) Six Months Ended June 28, 2025 Net sales $ 1,143,322 $ 357,063 $ 384,101 $ 1,884,486 Segment Operating Income $ 269,976 $ 21,134 $ 66,189 $ 295,990 Operating Income % of net sales 23.6 % 5.9 % 17.2 % 15.7 % Depreciation 13,541 8,304 5,986 29,354 Amortization 22,246 3,619 5,543 31,408 Restructuring expenses 1,883 3,082 52 5,017 Acquisition related adjustments 309 (384 ) (1,858 ) (1,933 ) Facility consolidation related expenses — 3,464 — 3,464 Strategic Transaction Costs — — — 10,261 Stock compensation — — — 8,712 Segment adjusted EBITDA (2) $ 307,955 $ 39,219 $ 75,912 $ 382,273 Adjusted EBITDA % of net sales 26.9 % 11.0 % 19.8 % 20.3 % Six Months Ended June 29, 2024 Net sales $ 1,191,224 $ 366,662 $ 360,586 $ 1,918,472 Segment Operating Income $ 279,537 $ 14,669 $ 76,671 $ 312,841 Operating Income % of net sales 23.5 % 4.0 % 21.3 % 16.3 % Depreciation 13,521 7,774 4,713 26,854 Amortization 26,323 3,601 3,714 33,638 Restructuring expenses 3,448 2,875 2,204 8,527 Acquisition related adjustments 686 (213 ) (1,806 ) (1,157 ) Stock compensation — — — 21,470 Segment adjusted EBITDA $ 323,515 $ 28,706 $ 85,496 $ 402,173 Adjusted EBITDA % of net sales 27.2 % 7.8 % 23.7 % 21.0 % (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $40.8 million and $35.5 million for the six months ended June 28, 2025 and June 29, 2024, respectively. (2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by $1.5 million for the six months ended June 28, 2025. (3) Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change. Expand THE MIDDLEBY CORPORATION NON-GAAP INFORMATION (UNAUDITED) (Amounts in 000's, Except Percentages) Three Months Ended 2nd Qtr, 2025 2nd Qtr, 2024 $ Diluted per share $ Diluted per share Net earnings $ 105,956 $ 1.99 $ 115,395 $ 2.13 Amortization (1) 17,192 0.32 18,066 0.33 Restructuring expenses 2,288 0.04 5,350 0.10 Acquisition related adjustments (2,334 ) (0.04 ) (2,187 ) (0.04 ) Facility consolidation related expenses 1,421 0.03 — — Net periodic pension benefit (other than service costs & curtailment) (1,580 ) (0.03 ) (3,690 ) (0.07 ) Strategic Transaction Costs 6,788 0.13 — — Income tax effect of pre-tax adjustments (5,825 ) (0.11 ) (4,455 ) (0.08 ) Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) — 0.02 — 0.02 Adjusted net earnings $ 123,906 $ 2.35 $ 128,479 $ 2.39 Diluted weighted average number of shares 53,154 54,072 (2) (511 ) (300 ) Adjusted diluted weighted average number of shares 52,643 53,772 Six Months Ended 2nd Qtr, 2025 2nd Qtr, 2024 $ Diluted per share $ Diluted per share Net earnings $ 198,308 $ 3.68 $ 201,963 $ 3.72 Amortization (1) 34,981 0.65 37,202 0.69 Restructuring expenses 5,017 0.09 8,527 0.16 Acquisition related adjustments (1,933 ) (0.04 ) (1,157 ) (0.02 ) Facility consolidation related expenses 3,464 0.06 — — Net periodic pension benefit (other than service costs & curtailment) (3,077 ) (0.06 ) (7,368 ) (0.14 ) Strategic Transaction Costs 10,261 0.19 — — Income tax effect of pre-tax adjustments (11,935 ) (0.22 ) (9,338 ) (0.17 ) Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) — 0.08 — 0.04 Adjusted net earnings $ 235,086 $ 4.43 $ 229,829 $ 4.28 Diluted weighted average number of shares 53,888 54,233 Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) (769 ) (519 ) Adjusted diluted weighted average number of shares 53,119 53,714 (1) Includes amortization of deferred financing costs and convertible notes issuance costs. (2) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash. Expand USE OF NON-GAAP FINANCIAL MEASURES The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. The company believes that organic net sales growth, adjusted EBITDA, non-GAAP adjusted segment EBITDA, net debt, net leverage, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results. The company believes that free cash flow is an important measure of operating performance because it provides management and investors with a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock. The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.
The Irish Sun
04-07-2025
- Business
- The Irish Sun
‘The numbers aren't sensible', blasts boffin as row erupts over claim United Ireland would cost just €3bn in first year
ECONOMISTS are clashing over a report putting the bill of a United Ireland at €3 billion in year one. The estimate comes in a report this week by Professor John Doyle at Advertisement The tab is dramatically lower than previous figures of €9billion to €20billion a year. Prof Doyle's lower sum is based partly on a more conservative estimate of the cost of The new report suggests the cost of a United Ireland has been exaggerated partly because of how much the It also maintains that not enough attention has been given to any potential growth if Northern Ireland was back in the Advertisement Read more in Money Report author Professor Doyle, Vice President for Research in Dublin City University, insists convergence with the south would spark economic growth in the north. He said: 'With the same set of policies on education, infrastructure, tax and Foreign Direct Investment, there is no obvious reason why Northern Ireland would remain so much poorer and so much less economically productive than, for example, Munster. 'Convergence with the more productive and wealthier Southern economy will take time, but the deficit will close much more quickly.' But Professor John FitzGerald, from the Department of Economics at Trinity College in Dublin, branded the figures in the work published by DCU around the cost of pensions as 'unrealistic'. Advertisement Most read in Money A report he co-authored put the cost of unity at €8billion to €20billion a year. Prof FitzGerald said his view was shared by Dr Esmond Birnie from UU and Professor Edgar Morgenroth from DCU. 'THE NUMBERS AREN'T SENSIBLE' He rapped: 'You have three economists saying the numbers aren't sensible.' Dr Birnie, from UU, also told how he believes Professor Doyle is minimising the assumed financial costs of a United Ireland. Advertisement He said: 'Prof Doyle, as in his 2021 ARINs article, rather optimistically assumes that the UK government would both meet all public sector pension obligations and release NI from its pro rata share of UK public debt.' 'NOT CONVICING' Dr Birnie described the report's funding requirements under different future growth scenarios as 'not all that convincing.' He said: 'It would be desirable if NI moved on to a higher growth path but chronic under-performance in the NI economy suggests some of these things are not easily changed. 'Major constitutional change is neither a necessary or sufficient condition of improving economic performance and this report does not provide evidence that a United Ireland per se would spur performance.' Advertisement In response, Prof Doyle said previous work on the cost of a united Ireland in Prof FitzGerald and Prof Morgenroth's report, Northern Ireland Subvention: Possible Unification Effect, contained 'errors/unreasonable assumptions', which he replied to at length in this week's report. 1 A row has erupted over the estimated cost of a United Ireland Credit: Shutterstock
Daily Mail
01-05-2025
- Daily Mail
Grandmother allegedly attacked by stranger issues message for Australia - as the man accused of attack loses it at judge inside court: 'Are you deaf?'
A homeless man who allegedly assaulted an elderly woman has lashed out at a magistrate in court. Sean Lloyd McLachlan, 39, was arrested on Wednesday after he allegedly beat the 92-year-old woman in Williamstown, Melbourne, about 12.20pm outside the Coles on Douglas parade. Police allege he beat the woman about the head before she fell to the ground and lost consciousness. Members of the public restrained McLachlan until police could arrive. Detectives later charged McLachlan with intentionally causing injury. McLachlan appeared on his own in Melbourne Magistrates' Court on Thursday. Magistrate Bernard FitzGerald asked if McLachlan had talked to a lawyer. McLachlan muttered a soft 'yes', but the Magistrate FitzGerald did not hear him, and he asked again. 'I just said I've already f***ing spoken (to a lawyer). Are you deaf? Are your ears painted on,' McLachlan said, the Herald Sun reported. Magistrate FitzGerald asked what McLachlan had hoped to achieve in the courtroom on Thursday. 'F*** off,' McLachlan said. The 39-year-old did not apply for bail, and the matter was adjourned for a week with the court allowing him time to arrange legal representation. He will reappear in court on May 8. Footage, allegedly depicting the incident, captured the moment a man struck the 92-year-old woman and threw her to the ground. Further vision, too distressing for publication, appeared to show the man throwing her to the ground and dragging her along the footpath. Emergency services rushed her to hospital at the time. She suffered a concussion and upper body injuries in the alleged attack and was taken to Western Hospital in Footscray before she was discharged on Thursday morning. The 92-year-old has been left 'very distressed' by the incident. 'I wish to thank all those who have been so caring of me,' she said in a statement. 'I remember nothing of the actual incident but when I woke up I was surrounded by the police and ambulance and caring onlookers. 'I wish to thank everyone for their concern. 'I'm pleased to go home as I have a loving family and supportive friends.' McLachlan has no fixed address but was known to police in Footscray, Melbourne and Williamstown.
Fox News
10-03-2025
- Sport
- Fox News
Women's runner hospitalized after falling unconscious during distance race at European Championships
Dutch women's athlete Maureen Koster was knocked unconscious when she fell down during the women's 3000m at the European Indoor Championships in Apeldoorn, the Netherlands, on Sunday. The 32-year-old athlete was treated by medical staff and later transported to a local hospital. Koster was in front of Great Britain's Innes FitzGerald and behind Hannah Nuttall when the fall occurred. Nuttall was temporarily pushed off the track and FitzGerald had to run around Koster. "I just saw her on the floor in front of me. I thought I had to get around her and hopefully not be fazed by that," FitzGerald said after the race. "I didn't want it to affect my race plan. It was gutting to have her fall, especially in front of a home crowd. I hope she is okay. Very sad that she fell over." The Netherlands team later posted on X that Koster was conscious and responsive. Koster's friend and fellow competitor, Great British runner Melissa Courtney-Bryant, who finished the event with silver, said the incident was "carnage." "I heard Maureen scream," Courtney-Bryant said. "I know her really well because we used to train together and room on the Diamond League. Then I saw a leg as I was running around, and I knew it was her shoe. It put everyone on edge, and everyone was pushing more. I was just trying to keep up, because you don't want to end up down as well. It was carnage." Ireland's Sarah Healy won gold after Koster's fall. Follow Fox News Digital's sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
