Middleby (Nasdaq: MIDD) reported earnings on May 10. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Middleby beat expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue improved significantly and GAAP earnings per share increased significantly.

Margins dropped across the board.

Revenue details
Middleby chalked up revenue of $228.8 million. The four analysts polled by S&P Capital IQ wanted to see a top line of $217.4 million on the same basis. GAAP reported sales were 25% higher than the prior-year quarter's $182.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.20. The five earnings estimates compiled by S&P Capital IQ anticipated $1.19 per share. GAAP EPS of $1.20 for Q1 were 24% higher than the prior-year quarter's $0.97 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 38.2%, 110 basis points worse than the prior-year quarter. Operating margin was 16.0%, 120 basis points worse than the prior-year quarter. Net margin was 9.7%, 10 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $245.5 million. On the bottom line, the average EPS estimate is $1.43.

Next year's average estimate for revenue is $985.3 million. The average EPS estimate is $5.87.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Middleby is outperform, with an average price target of $118.

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