Middleby (MIDD) Q3 FY2021 earnings: revenue $818 million, up 28.8% on the year

Middleby Corp. (MIDD) reported revenue of $818 million for Q3 FY2021, the quarter ended 2 October 2021, up 28.8% on the same quarter a year earlier as this quarter's filing gives it. Net income was $176 million, up 190.8% on the year as this quarter's filing gives it, and diluted earnings per share $3.09. The figures are the company's own, from the 10-Q it filed with the SEC on 10 November 2021.

Revenue

$818 million

+28.8% on the year · +1.1% on the quarter

Q4 FY2019Q3 FY2021

Operating margin

28.6%

13.7% a year earlier

Q4 FY2019Q3 FY2021

Net income

$176 million

+190.8% on the year · +45.9% on the quarter

Q4 FY2019Q3 FY2021

Diluted EPS

$3.09

+180.9% on the year · +45.1% on the quarter

Q4 FY2019Q3 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Revenue	818	809	635	+1.1%	+28.8%
Cost of revenue	518	n/a	n/a
Gross profit	300	n/a	n/a
Gross margin	36.6%	n/a	n/a
Selling, general and administrative	175	n/a	n/a
Operating income	233	137	86.7	+70.8%	+169.4%
Operating margin	28.6%	16.9%	13.7%
Pre-tax income	231	n/a	n/a
Income tax	54.9	n/a	n/a
Effective tax rate	23.8%	n/a	n/a
Net income	176	121	60.5	+45.9%	+190.8%
Net margin	21.5%	n/a	n/a
Diluted EPS	$3.09	$2.13	$1.10	+45.1%	+180.9%

$ million except per share.

Free 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	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Operating cash flow	174	n/a	n/a
Capital expenditure	10.4	n/a	n/a
Free cash flow	163	n/a	n/a
Free cash flow margin	20.0%	n/a	n/a
Cash from investing	-388	n/a	n/a
Cash from financing	73.1	n/a	n/a
Depreciation and amortisation	29.1	28.1	26.7	+3.6%	+8.9%
Share-based compensation	10.2	n/a	n/a
Buybacks	0.1	n/a	n/a
Diluted shares, weighted	57m	57m	55m	+0.5%	+3.3%
Shares outstanding at period end	56m	56m	56m	-0.0%	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Shareholders' equity	2,299	2,126	2,031	+8.1%	+13.2%
Debt	1,888	1,819	1,832	+3.8%	+3.0%
Other liabilities	1,586	n/a	n/a
Total liabilities and equity	5,773	n/a	n/a
Fixed assets	370	n/a	n/a
Goodwill	2,106	n/a	n/a
Intangible assets	1,575	n/a	n/a
Cash and equivalents	251	396	220	-36.4%	+14.1%
Receivables	466	n/a	n/a
Inventory	686	n/a	n/a
Other assets	318	n/a	n/a
Total assets	5,773	n/a	n/a

Questions

What was Middleby's revenue in Q3 FY2021?

Middleby (MIDD) reported revenue of $818 million for Q3 FY2021, the quarter ended 2 October 2021, up 28.8% on the same quarter a year earlier as the company restated it.

How much did Middleby earn in Q3 FY2021?

Net income for Q3 FY2021 was $176 million, up 190.8% on the year, and diluted earnings per share $3.09.

When did Middleby report Q3 FY2021 results?

Middleby filed its 10-Q for the quarter ended 2 October 2021 with the SEC on 10 November 2021.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	818	866	995	1,014	993	1,032	1,007	1,040	981	1,009	753	799	770	829	731	797	807	866	840	876
Cost of revenue	518	551	664	653	628	642	629	647	605	622	581	612	587	625	438	481	621	n/a	517	540
Gross profit	300	316	331	361	365	390	379	393	375	387	295	323	303	331	293	316	307	336	323	335
Gross margin	37%	36%	33%	36%	37%	38%	38%	38%	38%	38%	39%	40%	39%	40%	40%	40%	38%	39%	38%	38%
SG&A	175	172	206	189	201	200	215	204	196	192	206	199	179	178	162	168	204	n/a	188	187
Operating income	233	139	123	167	162	188	161	185	174	115	137	176	173	170	141	155	-554	833	133	148
Operating margin	29%	16%	12%	16%	16%	18%	16%	18%	18%	11%	18%	22%	23%	20%	19%	20%	-69%	96%	16%	17%
Pre-tax income	231	136	112	151	139	162	132	156	144	86.9	115	155	155	153	121	133	-579	807	113	126
Tax rate	24%	24%	24%	25%	25%	18%	25%	25%	25%	12%	25%	25%	26%	27%	22%	19%	n/a	n/a	24%	34%
Net income	176	103	85.8	113	104	133	99.1	117	109	76.3	86.6	115	114	112	92.4	106	-513	36.9	-50.1	54.8
Net margin	22%	12%	9%	11%	11%	13%	10%	11%	11%	8%	11%	14%	15%	14%	13%	13%	-64%	4%	-6%	6%
Diluted EPS	$3.09	$1.80	$1.52	$2.07	$1.92	$2.45	$1.82	$2.16	$2.01	$1.42	$1.59	$2.13	$2.11	$2.07	$1.69	$1.99	-$10.15	$0.74	-$1.06	$1.21
Operating cash flow	174	77.4	-15.3	105	84.0	159	92.0	61.9	219	256	141	150	157	240	141	122	176	191	65.6	97.7
Capital expenditure	10.4	16.8	14.5	17.6	18.8	16.4	25.5	22.8	21.3	15.5	13.7	10.9	11.5	13.1	26.5	20.9	20.3	n/a	7.9	10.7
Free cash flow	163	60.5	-29.8	87.2	65.2	143	66.5	39.1	198	240	127	139	145	227	115	101	156	n/a	57.7	87.0
Buybacks	0.1	26.8	170	69.6	0.1	25.1	67.6	6.9	0.0	0.0	17.0	1.0	0.3	16.4	42.8	323	149	209	375	207
Shares outstanding	56m	55m	54m	54m	54m	54m	54m	54m	54m	54m	54m	54m	54m	47m	53m	51m	50m	47m	45m	45m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 2 October 2021, filed 10 November 2021: the filing.