The 10-second takeaway
For the quarter ended March 30 (Q1), Middleby beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue increased significantly. GAAP earnings per share grew significantly.
Margins dropped across the board.
Middleby booked revenue of $327.5 million. The five analysts polled by S&P Capital IQ hoped for a top line of $308.1 million on the same basis. GAAP reported sales were 43% higher than the prior-year quarter's $228.8 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.39. The six earnings estimates compiled by S&P Capital IQ averaged $1.29 per share. GAAP EPS of $1.39 for Q1 were 16% higher than the prior-year quarter's $1.20 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 37.0%, 120 basis points worse than the prior-year quarter. Operating margin was 12.9%, 310 basis points worse than the prior-year quarter. Net margin was 7.9%, 180 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $344.3 million. On the bottom line, the average EPS estimate is $1.79.
Next year's average estimate for revenue is $1.36 billion. The average EPS estimate is $7.30.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Middleby is hold, with an average price target of $156.40.
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