MIDDLEBY CORPORATION Reports Second Quarter FY2023 Earnings Results on August 3, 2023
August 9, 2023
🌥️Earnings Overview
On August 3, 2023, MIDDLEBY CORPORATION ($NASDAQ:MIDD) released its financial results for the second quarter of FY2023, which ended on June 30, 2023. The company earned overall revenue of USD 1040.0 million, a 2.6% increase from the same quarter in the prior year. Net income was reported to be USD 116.8 million, demonstrating an increase of 3.2% from the same period in the previous year.
Share Price
The company’s stock opened at $138.2 and closed at $142.0, representing a decrease of 1.4% from its prior closing price of $143.9. The report indicated a strong performance from MIDDLEBY CORPORATION during the second quarter. The company attributed these improvements to its ongoing efforts to reduce costs and increase efficiency.
Additionally, MIDDLEBY CORPORATION reported a reduction in its debt-to-equity ratio, which was driven by the company’s focus on reducing its debt load. Given the strong performance during the second quarter, MIDDLEBY CORPORATION issued an upbeat outlook for the remaining fiscal year. The company also announced plans to invest in new products and technologies to further strengthen its competitive position in the industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Middleby Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 4.07k | 453.5 | 11.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Middleby Corporation. More…
| Operations | Investing | Financing |
| 397.04 | -326.33 | -85.34 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Middleby Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.98k | 3.99k | 52.28 |
Key Ratios Snapshot
Some of the financial key ratios for Middleby Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 15.2% | 19.5% | 17.2% |
| FCF Margin | ROE | ROA |
| 8.8% | 15.6% | 6.3% |
Analysis
GoodWhale has conducted an analysis of MIDDLEBY CORPORATION‘s financials and has concluded that it is classified as a ‘gorilla’ – a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. We believe that investors who are interested in such a company would see MIDDLEBY CORPORATION as an attractive investment. The company is considered strong in terms of assets, growth, and profitability, but relatively weak in dividend payouts. Furthermore, its health score of 9/10 when it comes to cashflows and debt suggests that MIDDLEBY CORPORATION is capable of sustaining future operations in times of crisis. More…
Peers
Hoshizaki Corp, Shanghai Electric Group Co Ltd, and Ningbo Lehui International Engineering Equipment Co Ltd are all major players in the same industry, and they all strive to outdo each other with innovative products and competitive pricing. As the competition between these companies intensifies, The Middleby Corp continues to strive for excellence and remain a leader in its field.
– Hoshizaki Corp ($TSE:6465)
Hoshizaki Corp is a Japanese manufacturer of commercial and industrial refrigeration, food service equipment, and ice machines. The company has a market cap of 667.81B as of 2022, which is indicative of its strong financial performance and profitability. Its Return on Equity (ROE) of 9.35% is higher than the industry average, which shows that the company is efficiently utilizing its equity resources to generate returns for its shareholders.
– Shanghai Electric Group Co Ltd ($SHSE:601727)
Shanghai Electric Group Co Ltd is a Chinese state-owned power generation and electrical equipment manufacturing company. The company is listed on the Shanghai Stock Exchange, and as of 2022, has a market capitalization of 58.15 billion dollars. This makes Shanghai Electric one of the largest Chinese companies in terms of market capitalization. The company has a Return on Equity (ROE) of -6.43%, which is lower than the industry average. This indicates that the company is not performing as well as its peers and could be a cause for concern for investors. Shanghai Electric Group Co Ltd manufactures and supplies power generation equipment, industrial robots, elevators, air-conditioners, and other related products. The company also provides engineering services in the fields of power generation, electrical systems, and industrial automation.
– Ningbo Lehui International Engineering Equipment Co Ltd ($SHSE:603076)
Ningbo Lehui International Engineering Equipment Co Ltd is a Chinese engineering equipment and services provider with a market cap of 4.7B as of 2022. The company has a Return on Equity of 2.38%, which is an indication of its ability to generate profits from shareholder investments. The company primarily provides engineering equipment and services for industrial machinery and power plants, including heavy-duty equipment and oil-field machinery. It also offers engineering services to other companies and institutes in China, as well as abroad. In addition, the company manufactures and sells spare parts for engineering equipment and related products.
Summary
Investors in MIDDLEBY CORPORATION should be pleased with the company’s second quarter of FY2023 results. Total revenue of USD 1040.0 million was a 2.6% increase over the same period the year before, and net income reported was USD 116.8 million, a 3.2% increase year-over-year. This shows that MIDDLEBY CORPORATION’s investments are paying off and should give shareholders confidence in the company’s long-term outlook. Moreover, the strong financial performance indicates that the company is well-positioned to generate future growth and drive shareholder value.
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