Middleby (MIDD) FY2023 results: revenue $3.2 billion, down 19.6% on the year

Middleby Corp. (MIDD) reported revenue of $3.2 billion for fiscal 2023, the year ended 30 December 2023, down 19.6% on the year before. Net income was $401 million, down 8.2%, and diluted earnings per share $7.41. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$3.2 billion

-19.6% on the year

FY2016FY2023

Operating margin

20.1%

15.9% a year earlier

FY2016FY2023

Net income

$401 million

-8.2% on the year

FY2016FY2023

Diluted EPS

$7.41

-6.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,242	4,033	3,251	-19.6%
Cost of revenue	1,958	2,586	2,056	-24.3%
Gross profit	1,284	1,447	1,195	-11.2%
Gross margin	39.6%	35.9%	36.8%
Research and development	47.1	48.9	41.8	-3.7%
Selling, general and administrative	625	797	668	-21.6%
Operating income	652	640	630	+2.0%
Operating margin	20.1%	15.9%	19.4%
Pre-tax income	536	564	620	-5.0%
Income tax	123	128	131	-3.7%
Effective tax rate	23.0%	22.7%	21.1%
Net income	401	437	488	-8.2%
Net margin	12.4%	10.8%	15.0%
Diluted EPS	$7.41	$7.95	$8.62	-6.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	629	333	423	+89.1%
Capital expenditure	59.2	67.3	46.6	-12.1%
Free cash flow	570	265	377	+114.7%
Free cash flow margin	17.6%	6.6%	11.6%
Cash from investing	-156	-348	-1,009
Cash from financing	-391	7.6	503
Depreciation and amortisation	110	138	125	-20.4%
Share-based compensation	45.2	58.4	42.3	-22.6%
Buybacks	74.6	265	29.3	-71.8%
Diluted shares, weighted	54m	55m	57m	-1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,250	2,798	2,494	+16.2%
Debt	2,425	2,722	2,414	-10.9%
Operating lease liabilities	87.5	80.2	74.2	+9.1%
Other liabilities	1,144	1,275	1,401	-10.2%
Total liabilities and equity	6,907	6,875	6,384	+0.5%
Fixed assets	511	444	381	+15.2%
Goodwill	1,704	2,412	2,243	-29.3%
Intangible assets	1,693	1,794	1,875	-5.6%
Cash and equivalents	247	162	180	+52.8%
Receivables	645	631	577	+2.1%
Inventory	936	1,078	837	-13.2%
Other assets	1,171	354	289	+230.3%
Total assets	6,907	6,875	6,384	+0.5%

10-K for the year ended 30 December 2023, filed 28 February 2024: the filing.