Shares of Middleby Corp. (MIDD) tumbled 6.25% in pre-market trading on Tuesday after the commercial foodservice equipment maker reported second-quarter results that fell short of Wall Street expectations on a post-spin basis and issued full-year guidance below analyst forecasts.

The company posted Q2 adjusted earnings of $1.74 per share excluding its recently spun-off Food Processing business, missing the consensus estimate of $2.03. Revenue on the same basis came in at $630.6 million, well below the $684.4 million analysts had projected. While GAAP revenue rose 9.9% to $875.5 million, GAAP earnings from continuing operations dropped sharply to $1.20 per share from $1.91 a year earlier, pressured by higher transaction costs, interest expenses, taxes, and a $28.9 million affiliate loss.

Adding to investor concerns, Middleby slashed its fiscal 2026 guidance to reflect the post-spin company, with adjusted EPS now expected at $6.73 to $6.89 on revenue of $2.48 billion to $2.53 billion. Both figures came in well below the FactSet consensus estimates of $7.94 per share and $2.66 billion in revenue. The steep downward revision, even after accounting for the Food Processing separation, signaled that the remaining commercial foodservice business is not expected to perform as strongly as the market had anticipated.