Middleby (MIDD) FY2015 results: revenue $1.8 billion, up 11.6% on the year
Middleby Corp. (MIDD) reported revenue of $1.8 billion for fiscal 2015, the year ended 2 January 2016, up 11.6% on the year before. Net income was $192 million, down 0.9%, and diluted earnings per share $3.36. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2016.
Revenue
$1.8 billion
+11.6% on the year
FY2008FY2015
Operating margin
16.6%
18.4% a year earlier
FY2008FY2015
Net income
$192 million
-0.9% on the year
FY2008FY2015
Diluted EPS
$3.36
-1.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,827
1,637
1,429
+11.6%
Cost of revenue
1,120
996
879
+12.5%
Gross profit
707
641
550
+10.3%
Gross margin
38.7%
39.1%
38.5%
Research and development
22.4
22.6
21.4
-0.9%
Selling, general and administrative
375
n/a
n/a
Operating income
303
300
244
+0.7%
Operating margin
16.6%
18.4%
17.1%
Pre-tax income
281
281
226
+0.1%
Income tax
89.6
87.5
71.9
+2.4%
Effective tax rate
31.9%
31.2%
31.8%
Net income
192
193
154
-0.9%
Net margin
10.5%
11.8%
10.8%
Diluted EPS
$3.36
$3.40
$2.74
-1.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
250
234
146
+6.7%
Capital expenditure
22.4
13.1
14.6
+70.1%
Free cash flow
227
221
132
+2.9%
Free cash flow margin
12.4%
13.5%
9.2%
Cash from investing
-371
-233
-474
Cash from financing
137
8.9
330
+1,438.9%
Depreciation and amortisation
54.1
41.3
43.2
+31.1%
Share-based compensation
15.9
16.7
11.9
-4.9%
Buybacks
4.8
44.3
4.4
-89.1%
Diluted shares, weighted
57m
57m
56m
+0.3%
Shares outstanding at period end
57m
57m
57m
+0.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,167
1,007
838
+15.9%
Debt
766
598
572
+28.1%
Other liabilities
828
461
409
+79.6%
Total liabilities and equity
2,761
2,066
1,819
+33.6%
Fixed assets
200
130
125
+54.0%
Goodwill
983
808
688
+21.6%
Intangible assets
749
492
448
+52.3%
Cash and equivalents
55.5
43.9
36.9
+26.4%
Receivables
283
230
205
+22.9%
Inventory
354
256
220
+38.5%
Other assets
136
106
95.6
+28.3%
Total assets
2,761
2,066
1,819
+33.6%
10-K for the year ended 2 January 2016, filed 2 March 2016: the filing.