Middleby (MIDD) FY2016 results: revenue $2.3 billion, up 24.2% on the year
Middleby Corp. (MIDD) reported revenue of $2.3 billion for fiscal 2016, the year ended 31 December 2016, up 24.2% on the year before. Net income was $284 million, up 48.3%, and diluted earnings per share $4.98. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$2.3 billion
+24.2% on the year
FY2009FY2016
Operating margin
18.5%
16.6% a year earlier
FY2009FY2016
Net income
$284 million
+48.3% on the year
FY2009FY2016
Diluted EPS
$4.98
+48.2% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,268
1,827
1,637
+24.2%
Cost of revenue
1,367
1,120
996
+22.0%
Gross profit
901
707
641
+27.6%
Gross margin
39.7%
38.7%
39.1%
Research and development
26.3
22.4
22.6
+17.4%
Selling, general and administrative
472
375
n/a
+25.7%
Operating income
419
303
300
+38.5%
Operating margin
18.5%
16.6%
18.4%
Pre-tax income
421
281
281
+49.8%
Income tax
137
89.6
87.5
+53.1%
Effective tax rate
32.5%
31.9%
31.2%
Net income
284
192
193
+48.3%
Net margin
12.5%
10.5%
11.8%
Diluted EPS
$4.98
$3.36
$3.40
+48.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
294
250
234
+17.8%
Capital expenditure
24.8
22.4
13.1
+11.0%
Free cash flow
269
227
221
+18.5%
Free cash flow margin
11.9%
12.4%
13.5%
Cash from investing
-236
-371
-233
Cash from financing
-41.4
137
8.9
Depreciation and amortisation
58.2
54.1
41.3
+7.7%
Share-based compensation
27.9
15.9
16.7
+75.9%
Buybacks
4.4
4.8
44.3
-8.6%
Diluted shares, weighted
57m
57m
57m
+0.2%
Shares outstanding at period end
58m
57m
57m
+0.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,265
1,167
1,007
+8.4%
Debt
732
766
598
-4.4%
Other liabilities
920
828
461
+11.0%
Total liabilities and equity
2,917
2,761
2,066
+5.6%
Fixed assets
222
200
130
+10.9%
Goodwill
1,093
983
808
+11.1%
Intangible assets
696
749
492
-7.1%
Cash and equivalents
68.5
55.5
43.9
+23.3%
Receivables
326
283
230
+15.3%
Inventory
368
354
256
+4.0%
Other assets
144
136
106
+5.6%
Total assets
2,917
2,761
2,066
+5.6%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.