Middleby (MIDD) FY2020 results: revenue $2.5 billion, down 15.1% on the year
Middleby Corp. (MIDD) reported revenue of $2.5 billion for fiscal 2020, the year ended 2 January 2021, down 15.1% on the year before. Net income was $207 million, down 41.1%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2021.
Revenue
$2.5 billion
-15.1% on the year
FY2013FY2020
Operating margin
12.9%
17.4% a year earlier
FY2013FY2020
Net income
$207 million
-41.1% on the year
FY2013FY2020
Diluted EPS
$3.76
-40.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,513
2,959
2,723
-15.1%
Cost of revenue
1,631
1,856
1,719
-12.1%
Gross profit
882
1,103
1,004
-20.1%
Gross margin
35.1%
37.3%
36.9%
Research and development
35.3
41.2
35.3
-14.3%
Selling, general and administrative
532
594
539
-10.4%
Operating income
324
514
446
-36.9%
Operating margin
12.9%
17.4%
16.4%
Pre-tax income
268
463
424
-42.1%
Income tax
60.8
110
106
-45.0%
Effective tax rate
22.7%
23.9%
25.1%
Net income
207
352
317
-41.1%
Net margin
8.2%
11.9%
11.6%
Diluted EPS
$3.76
$6.33
$5.70
-40.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
525
377
369
+39.0%
Capital expenditure
34.8
46.6
36.0
-25.2%
Free cash flow
490
331
333
+48.1%
Free cash flow margin
19.5%
11.2%
12.2%
Cash from investing
-107
-328
-1,239
Cash from financing
-252
-25.4
856
Depreciation and amortisation
111
103
97.2
+6.9%
Share-based compensation
19.6
8.1
2.5
+141.2%
Buybacks
85.9
6.1
0.0
+1,297.7%
Diluted shares, weighted
55m
56m
56m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,977
1,947
1,665
+1.5%
Debt
1,730
1,873
1,892
-7.7%
Operating lease liabilities
76.5
75.0
n/a
+2.0%
Other liabilities
1,420
1,107
992
+28.2%
Total liabilities and equity
5,202
5,002
4,550
+4.0%
Fixed assets
344
352
315
-2.2%
Goodwill
1,934
1,850
1,743
+4.6%
Intangible assets
1,450
1,443
1,361
+0.5%
Cash and equivalents
268
94.5
71.7
+183.7%
Receivables
363
448
399
-18.8%
Inventory
540
586
522
-7.8%
Other assets
302
229
139
+31.7%
Total assets
5,202
5,002
4,550
+4.0%
10-K for the year ended 2 January 2021, filed 3 March 2021: the filing.