Middleby (MIDD) FY2014 results: revenue $1.6 billion, up 14.5% on the year
Middleby Corp. (MIDD) reported revenue of $1.6 billion for fiscal 2014, the year ended 3 January 2015, up 14.5% on the year before. Net income was $193 million, up 25.6%, and diluted earnings per share $3.40. The figures are the company's own, from the 10-K it filed with the SEC on 4 March 2015.
Revenue
$1.6 billion
+14.5% on the year
FY2008FY2014
Operating margin
18.4%
17.1% a year earlier
FY2008FY2014
Net income
$193 million
+25.6% on the year
FY2008FY2014
Diluted EPS
$3.40
+24.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,637
1,429
1,038
+14.5%
Cost of revenue
996
879
635
+13.3%
Gross profit
641
550
403
+16.5%
Gross margin
39.1%
38.5%
38.8%
Research and development
22.6
21.4
14.1
+5.6%
Operating income
300
244
188
+22.9%
Operating margin
18.4%
17.1%
18.1%
Pre-tax income
281
226
174
+24.4%
Income tax
87.5
71.9
53.7
+21.7%
Effective tax rate
31.2%
31.8%
30.8%
Net income
193
154
121
+25.6%
Net margin
11.8%
10.8%
11.6%
Diluted EPS
$3.40
$2.74
$2.16
+24.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
234
146
128
+60.0%
Capital expenditure
13.1
14.6
7.7
-10.2%
Free cash flow
221
132
121
+67.8%
Free cash flow margin
13.5%
9.2%
11.6%
Cash from investing
-233
-474
-69.9
Cash from financing
8.9
330
-64.9
-97.3%
Depreciation and amortisation
41.3
43.2
26.9
-4.4%
Share-based compensation
16.7
11.9
12.0
+40.7%
Buybacks
44.3
4.4
20.7
+908.5%
Diluted shares, weighted
57m
56m
56m
+0.9%
Shares outstanding at period end
57m
57m
56m
-0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,007
838
650
+20.1%
Debt
598
572
260
+4.6%
Other liabilities
461
409
334
+12.7%
Total liabilities and equity
2,066
1,819
1,244
+13.6%
Fixed assets
130
125
63.9
+3.4%
Goodwill
808
688
526
+17.5%
Intangible assets
492
448
233
+9.8%
Cash and equivalents
43.9
36.9
34.4
+19.1%
Receivables
230
205
162
+12.0%
Inventory
256
220
153
+16.2%
Other assets
106
95.6
71.0
+11.2%
Total assets
2,066
1,819
1,244
+13.6%
10-K for the year ended 3 January 2015, filed 4 March 2015: the filing.