Compared to Estimates, Middleby (MIDD) Q3 Earnings: A Look at Key Metrics
For the quarter ended September 2023, Middleby (MIDD) reported revenue of $980.65 million, down 1.2% over the same period last year. EPS came in at $2.35, compared to $2.18 in the year-ago quarter.
The reported revenue represents a surprise of -3.91% over the Zacks Consensus Estimate of $1.02 billion. With the consensus EPS estimate being $2.29, the EPS surprise was +2.62%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Middleby performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Commercial Foodservice: $634.01 million versus $644.41 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +1.7% change.
Revenue- Residential Kitchen: $179.98 million compared to the $201.67 million average estimate based on five analysts. The reported number represents a change of -18.6% year over year.
Revenue- Food Processing: $166.67 million versus $173.55 million estimated by five analysts on average.
View all Key Company Metrics for Middleby here>>>
Shares of Middleby have returned -10.4% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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The Middleby Corporation (MIDD) : Free Stock Analysis Report
