Middleby (MIDD) FY2019 results: revenue $3.0 billion, up 8.7% on the year
Middleby Corp. (MIDD) reported revenue of $3.0 billion for fiscal 2019, the year ended 28 December 2019, up 8.7% on the year before. Net income was $352 million, up 11.1%, and diluted earnings per share $6.33. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$3.0 billion
+8.7% on the year
FY2012FY2019
Operating margin
17.4%
16.4% a year earlier
FY2012FY2019
Net income
$352 million
+11.1% on the year
FY2012FY2019
Diluted EPS
$6.33
+11.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,959
2,723
2,336
+8.7%
Cost of revenue
1,856
1,719
1,423
+8.0%
Gross profit
1,103
1,004
913
+9.9%
Gross margin
37.3%
36.9%
39.1%
Research and development
41.2
35.3
29.1
+16.7%
Selling, general and administrative
594
539
468
+10.2%
Operating income
514
446
379
+15.3%
Operating margin
17.4%
16.4%
16.2%
Pre-tax income
463
424
384
+9.2%
Income tax
110
106
85.4
+3.8%
Effective tax rate
23.9%
25.1%
22.3%
Net income
352
317
298
+11.1%
Net margin
11.9%
11.6%
12.8%
Diluted EPS
$6.33
$5.70
$5.26
+11.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
377
369
304
+2.3%
Capital expenditure
46.6
36.0
54.5
+29.3%
Free cash flow
331
333
250
-0.6%
Free cash flow margin
11.2%
12.2%
10.7%
Cash from investing
-328
-1,239
-345
Cash from financing
-25.4
856
55.8
Depreciation and amortisation
103
97.2
69.8
+6.4%
Share-based compensation
8.1
2.5
6.2
+225.7%
Buybacks
6.1
0.0
240
Diluted shares, weighted
56m
56m
57m
+0.1%
Shares outstanding at period end
n/a
n/a
56m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,947
1,665
1,361
+16.9%
Debt
1,873
1,892
1,029
-1.0%
Operating lease liabilities
75.0
n/a
n/a
Other liabilities
1,107
992
950
+11.6%
Total liabilities and equity
5,002
4,550
3,340
+9.9%
Fixed assets
352
315
282
+11.9%
Goodwill
1,850
1,743
1,265
+6.1%
Intangible assets
1,443
1,361
780
+6.1%
Cash and equivalents
94.5
71.7
89.7
+31.8%
Receivables
448
399
328
+12.3%
Inventory
586
522
425
+12.2%
Other assets
229
139
170
+65.0%
Total assets
5,002
4,550
3,340
+9.9%
10-K for the year ended 28 December 2019, filed 26 February 2020: the filing.