Middleby (MIDD) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Middleby (MIDD) reported $1.04 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.6%. EPS of $2.47 for the same period compares to $2.23 a year ago.
The reported revenue represents a surprise of +0.51% over the Zacks Consensus Estimate of $1.03 billion. With the consensus EPS estimate being $2.32, the EPS surprise was +6.47%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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: $645.66 million versus $637.35 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +5.9% change.
Revenue- Residential Kitchen: $205.57 million versus the five-analyst average estimate of $221.90 million. The reported number represents a year-over-year change of -26.6%.
Revenue- Food Processing: $188.75 million compared to the $175.27 million average estimate based on five analysts.
View all Key Company Metrics for Middleby here>>>
Shares of Middleby have returned -0.9% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The Middleby Corporation (MIDD) : Free Stock Analysis Report
