Middleby (MIDD) FY2017 results: revenue $2.3 billion, up 3.0% on the year
Middleby Corp. (MIDD) reported revenue of $2.3 billion for fiscal 2017, the year ended 30 December 2017, up 3.0% on the year before. Net income was $298 million, up 4.9%, and diluted earnings per share $5.26. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$2.3 billion
+3.0% on the year
FY2010FY2017
Operating margin
16.2%
18.5% a year earlier
FY2010FY2017
Net income
$298 million
+4.9% on the year
FY2010FY2017
Diluted EPS
$5.26
+5.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,336
2,268
1,827
+3.0%
Cost of revenue
1,423
1,367
1,120
+4.1%
Gross profit
913
901
707
+1.3%
Gross margin
39.1%
39.7%
38.7%
Research and development
29.1
26.3
22.4
+10.6%
Selling, general and administrative
468
472
375
-0.7%
Operating income
379
419
303
-9.6%
Operating margin
16.2%
18.5%
16.6%
Pre-tax income
384
421
281
-9.0%
Income tax
85.4
137
89.6
-37.7%
Effective tax rate
22.3%
32.5%
31.9%
Net income
298
284
192
+4.9%
Net margin
12.8%
12.5%
10.5%
Diluted EPS
$5.26
$4.98
$3.36
+5.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
304
294
250
+3.5%
Capital expenditure
54.5
24.8
22.4
+119.6%
Free cash flow
250
269
227
-7.2%
Free cash flow margin
10.7%
11.9%
12.4%
Cash from investing
-345
-236
-371
Cash from financing
55.8
-41.4
137
Depreciation and amortisation
69.8
58.2
54.1
+19.8%
Share-based compensation
6.2
27.9
15.9
-77.6%
Buybacks
240
4.4
4.8
+5,328.7%
Diluted shares, weighted
57m
57m
57m
-0.6%
Shares outstanding at period end
56m
58m
57m
-3.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,361
1,265
1,167
+7.6%
Debt
1,029
732
766
+40.5%
Other liabilities
950
920
828
+3.3%
Total liabilities and equity
3,340
2,917
2,761
+14.5%
Fixed assets
282
222
200
+27.2%
Goodwill
1,265
1,093
983
+15.7%
Intangible assets
780
696
749
+12.1%
Cash and equivalents
89.7
68.5
55.5
+30.9%
Receivables
328
326
283
+0.8%
Inventory
425
368
354
+15.3%
Other assets
170
144
136
+17.9%
Total assets
3,340
2,917
2,761
+14.5%
10-K for the year ended 30 December 2017, filed 26 February 2020: the filing.