Middleby Corp. (NASDAQ:MIDD) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Middleby Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 19.76% to $2.00 in the quarter versus EPS of $1.67 in the year-earlier quarter.
Revenue: Rose 39.9% to $363.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Middleby Corp. reported adjusted EPS income of $2.00 per share. By that measure, the company beat the mean analyst estimate of $1.78. It beat the average revenue estimate of $340.92 million.
Quoting Management: Selim A. Bassoul Chairman and Chief Executive Officer, commented, “We continued to realize strong growth at both the Commercial Foodservice Equipment Group and the Food Processing Group. Increased revenues in both segments reflect demand from customers adopting new technologies to improve the efficiency of their operations and continued expansion in international markets.”
Key Stats (on next page)…
Revenue increased 11.1% from $327.45 million in the previous quarter. EPS increased 21.21% from $1.65 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $1.94 and has not changed. For the current year, the average estimate has moved up from a profit of $7.34 to a profit of $7.66 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)