Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0801
    +0.0008 (+0.08%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2634
    +0.0011 (+0.09%)
     
  • USD/JPY

    151.2230
    -0.1490 (-0.10%)
     
  • Bitcoin USD

    70,163.41
    -300.39 (-0.43%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Free Post Earnings Research Report: Middleby’s Revenue Grew 3.3%

Stock Monitor: Nordson Post Earnings Reporting

LONDON, UK / ACCESSWIRE / December 20, 2017 / Active-Investors free earnings report on The Middleby Corp. (NASDAQ: MIDD) ("Middleby") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=MIDD. The Company posted its financial results on November 07, 2017, for the third quarter of the fiscal year 2017. The Company's revenue surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Nordson Corporation (NASDAQ: NDSN), which also belongs to the Industrial Goods sector as the Company Middleby. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=NDSN

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, The Middleby most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

www.active-investors.com/registration-sg/?symbol=MIDD

Earnings Highlights and Summary

For the three months ended September 30, 2017, Middleby's net revenues increased 3.3% to $593.04 million from $574.22 million in Q3 FY16, as a result of the higher sales generated due to recent acquisitions and a favorable foreign currency-translation impact. The Company's net revenue numbers surpassed analysts' expectations of $2.27 billion.

For the reported quarter, Middleby's gross profit decreased 1.4% to $228.52 million from $231.73 million in Q3 FY16. For the reported quarter, the Company's gross margin decreased 190 basis points to 38.5% of revenue from 40.4% of revenue in Q3 FY16.

For the reported quarter, Middleby's operating income decreased 2.6% to $118.26 million from $121.44 million in Q3 FY16. For the reported quarter, the Company's operating margin decreased 120 basis points to 19.9% of revenue from 21.1% of revenue in Q3 FY16.

For the reported quarter, Middleby's earnings before tax (EBT) increased 0.8% to $112.78 million from $111.85 million in Q3 FY16. For the reported quarter, the Company's EBT margin decreased 50 basis points to 19.0% of revenue from 19.5% of revenue in Q3 FY16.

For the reported quarter, Middleby's net income decreased 1.6% to $74.67 million from $75.85 million in Q3 FY16, due to restructuring expenses. During Q3 FY17, the Company's diluted earnings per share (EPS) decreased 1.5% to $1.31 from $1.33 in the same period of last year. During Q3 FY17, the Company's adjusted diluted EPS was $1.36, which was below analysts' expectations of $1.41.

Segment Details

Commercial Foodservice Equipment Group - During Q3 FY17, the Company's Commercial Foodservice Equipment Group segment's revenue increased 7% to $354.8 million from $331.6 million in the third quarter of 2016. For the reported quarter, the segment's gross margin decreased 220 basis points to 39.5% of revenue from 41.7% of revenue in Q3 FY16, due to recently acquired businesses with lower margins, along with less favorable sales mix.

Food Processing Equipment Group - For the reported quarter, the Company's Food Processing Equipment Group segment's revenue increased 5.7% to $86.9 million from $82.2 in Q3 FY16. For the reported quarter, the segment's gross margin increased 120 basis points to 40.5% of revenue from 39.3% of revenue in Q3 FY16.

Residential Kitchen Equipment Group - For the reported quarter, the Company's Residential Kitchen Equipment Group segment's revenue decreased 5.7% to $151.3 million from $160.5 million in Q3 FY16. For the reported quarter, the segment's gross margin decreased 290 basis points to 35.7% of revenue from 38.6% of revenue in Q3 FY16, due to investments made associated with new product introduction of Viking products into the marketplace, along with costs associated with temporary business restructuring impact at AGA.

Balance Sheet

As on September 30, 2017, Middleby's cash and cash equivalents increased 19.3% to $81.73 million from $68.49 million as on December 31, 2016. For the reported quarter, the Company's long-term debt, less current maturities, increased 30.2% to $945.52 million from $726.24 million in Q4 FY16.

For the reported quarter, the Company's net trade accounts and other receivables increased 3.4% to $336.81 million from $325.87 million in Q4 FY16. For the reported quarter, the Company's accounts payable decreased 1.7% to $144.47 million from $146.92 million in Q4 FY16.

Stock Performance Snapshot

December 19, 2017 - At Tuesday's closing bell, The Middleby's stock slightly declined 0.86%, ending the trading session at $130.85.

Volume traded for the day: 431.45 thousand shares.

Stock performance in the last month – up 15.09%; previous three-month period – up 5.98%; past six-month period – up 8.35%; and year-to-date – up 1.58%

After yesterday's close, The Middleby's market cap was at $7.24 billion.

Price to Earnings (P/E) ratio was at 24.60.

The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors

Advertisement