Middleby (MIDD) FY2018 results: revenue $2.7 billion, up 16.6% on the year
Middleby Corp. (MIDD) reported revenue of $2.7 billion for fiscal 2018, the year ended 29 December 2018, up 16.6% on the year before. Net income was $317 million, up 6.4%, and diluted earnings per share $5.70. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$2.7 billion
+16.6% on the year
FY2011FY2018
Operating margin
16.4%
16.2% a year earlier
FY2011FY2018
Net income
$317 million
+6.4% on the year
FY2011FY2018
Diluted EPS
$5.70
+8.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,723
2,336
2,268
+16.6%
Cost of revenue
1,719
1,423
1,367
+20.8%
Gross profit
1,004
913
901
+10.0%
Gross margin
36.9%
39.1%
39.7%
Research and development
35.3
29.1
26.3
+21.3%
Selling, general and administrative
539
468
472
+15.1%
Operating income
446
379
419
+17.8%
Operating margin
16.4%
16.2%
18.5%
Pre-tax income
424
384
421
+10.4%
Income tax
106
85.4
137
+24.5%
Effective tax rate
25.1%
22.3%
32.5%
Net income
317
298
284
+6.4%
Net margin
11.6%
12.8%
12.5%
Diluted EPS
$5.70
$5.26
$4.98
+8.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
369
304
294
+21.2%
Capital expenditure
36.0
54.5
24.8
-33.9%
Free cash flow
333
250
269
+33.2%
Free cash flow margin
12.2%
10.7%
11.9%
Cash from investing
-1,239
-345
-236
Cash from financing
856
55.8
-41.4
+1,433.3%
Depreciation and amortisation
97.2
69.8
58.2
+39.4%
Share-based compensation
2.5
6.2
27.9
-60.0%
Buybacks
0.0
240
4.4
Diluted shares, weighted
56m
57m
57m
-2.0%
Shares outstanding at period end
n/a
56m
58m
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,665
1,361
1,265
+22.3%
Debt
1,892
1,029
732
+83.9%
Other liabilities
992
950
920
+4.5%
Total liabilities and equity
4,550
3,340
2,917
+36.2%
Fixed assets
315
282
222
+11.6%
Goodwill
1,743
1,265
1,093
+37.8%
Intangible assets
1,361
780
696
+74.4%
Cash and equivalents
71.7
89.7
68.5
-20.0%
Receivables
399
328
326
+21.4%
Inventory
522
425
368
+22.9%
Other assets
139
170
144
-18.3%
Total assets
4,550
3,340
2,917
+36.2%
10-K for the year ended 29 December 2018, filed 26 February 2020: the filing.