Middleby (MIDD) Q3 FY2023 earnings: revenue $981 million, down 1.2% on the year

Middleby Corp. (MIDD) reported revenue of $981 million for Q3 FY2023, the quarter ended 30 September 2023, down 1.2% on the same quarter a year earlier. Net income was $109 million, up 4.1% on the year, and diluted earnings per share $2.01. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$981 milliondown 1.2%

Net income$109 millionup 4.1%

Diluted EPS$2.01

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	981	n/a	n/a	n/a
Cost of revenue	605	n/a	n/a	n/a
Gross profit	375	n/a	n/a	n/a
Gross margin	38.3%	n/a	n/a
Selling, general and administrative	196	n/a	n/a	n/a
Operating income	174	n/a	n/a	n/a
Operating margin	17.8%	n/a	n/a
Pre-tax income	144	n/a	n/a	n/a
Income tax	35.7	n/a	n/a	n/a
Effective tax rate	24.8%	n/a	n/a
Net income	109	n/a	n/a	n/a
Net margin	11.1%	n/a	n/a
Diluted EPS	$2.01	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	219	n/a	n/a	n/a
Capital expenditure	21.3	n/a	n/a	n/a
Free cash flow	198	n/a	n/a	n/a
Free cash flow margin	20.2%	n/a	n/a
Cash from investing	-54.0	n/a	n/a	n/a
Cash from financing	-151	n/a	n/a	n/a
Depreciation and amortisation	31.5	n/a	n/a	n/a
Share-based compensation	13.2	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	54m	n/a	n/a	n/a
Shares outstanding at period end	54m	n/a	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	3,095	n/a	n/a	n/a
Debt	2,536	n/a	n/a	n/a
Other liabilities	1,291	n/a	n/a	n/a
Total liabilities and equity	6,923	n/a	n/a	n/a
Fixed assets	499	n/a	n/a	n/a
Goodwill	2,452	n/a	n/a	n/a
Intangible assets	1,776	n/a	n/a	n/a
Cash and equivalents	167	n/a	n/a	n/a
Receivables	633	n/a	n/a	n/a
Inventory	1,015	n/a	n/a	n/a
Other assets	380	n/a	n/a	n/a
Total assets	6,923	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	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	981	1,009	753	799	770	829	731	797	807	866	840	876
Cost of revenue	605	622	581	612	587	625	438	481	621	n/a	517	540
Gross profit	375	387	295	323	303	331	293	316	307	336	323	335
Gross margin	38%	38%	39%	40%	39%	40%	40%	40%	38%	39%	38%	38%
SG&A	196	192	206	199	179	178	162	168	204	n/a	188	187
Operating income	174	115	137	176	173	170	141	155	-554	833	133	148
Operating margin	18%	11%	18%	22%	23%	20%	19%	20%	-69%	96%	16%	17%
Pre-tax income	144	86.9	115	155	155	153	121	133	-579	807	113	126
Tax rate	25%	12%	25%	25%	26%	27%	22%	19%	n/a	n/a	24%	34%
Net income	109	76.3	86.6	115	114	112	92.4	106	-513	36.9	-50.1	54.8
Net margin	11%	8%	11%	14%	15%	14%	13%	13%	-64%	4%	-6%	6%
Diluted EPS	$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	219	256	141	150	157	240	141	122	176	191	65.6	97.7
Capital expenditure	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	198	240	127	139	145	227	115	101	156	n/a	57.7	87.0
Buybacks	0.0	0.0	17.0	1.0	0.3	16.4	42.8	323	149	209	375	207
Shares outstanding	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-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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0000769520-23-000019: the filing on EDGAR. All of Middleby Corp.'s filings: EDGAR company page.

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