Middleby (MIDD) FY2013 results: revenue $1.4 billion, up 37.6% on the year
Middleby Corp. (MIDD) reported revenue of $1.4 billion for fiscal 2013, the year ended 28 December 2013, up 37.6% on the year before. Net income was $154 million, up 27.5%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$1.4 billion
+37.6% on the year
FY2008FY2013
Operating margin
17.1%
18.1% a year earlier
FY2008FY2013
Net income
$154 million
+27.5% on the year
FY2008FY2013
Diluted EPS
$2.74
+26.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,429
1,038
856
+37.6%
Cost of revenue
879
635
512
+38.3%
Gross profit
550
403
344
+36.5%
Gross margin
38.5%
38.8%
40.2%
Research and development
21.4
14.1
10.4
+51.8%
Operating income
244
188
149
+30.0%
Operating margin
17.1%
18.1%
17.4%
Pre-tax income
226
174
140
+29.4%
Income tax
71.9
53.7
45.0
+33.7%
Effective tax rate
31.8%
30.8%
32.0%
Net income
154
121
95.5
+27.5%
Net margin
10.8%
11.6%
11.2%
Diluted EPS
$2.74
$2.16
$1.72
+26.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
146
128
130
+13.9%
Capital expenditure
14.6
7.7
7.8
+91.3%
Free cash flow
132
121
123
+9.0%
Free cash flow margin
9.2%
11.6%
14.3%
Cash from investing
-474
-69.9
-189
Cash from financing
330
-64.9
91.6
Depreciation and amortisation
43.2
26.9
19.7
+60.4%
Share-based compensation
11.9
12.0
18.1
-1.0%
Buybacks
4.4
20.7
15.7
-78.8%
Diluted shares, weighted
56m
56m
56m
+0.9%
Shares outstanding at period end
57m
56m
56m
+1.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
838
650
511
+29.0%
Debt
572
260
317
+119.8%
Other liabilities
409
334
318
+22.5%
Total liabilities and equity
1,819
1,244
1,147
+46.2%
Fixed assets
125
63.9
62.5
+96.4%
Goodwill
688
526
478
+30.8%
Intangible assets
448
233
235
+92.0%
Cash and equivalents
36.9
34.4
43.9
+7.4%
Receivables
205
162
151
+26.5%
Inventory
220
153
124
+43.4%
Other assets
95.6
71.0
51.8
+34.7%
Total assets
1,819
1,244
1,147
+46.2%
10-K for the year ended 28 December 2013, filed 26 February 2014: the filing.