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Middleby (MIDD) Reports Q1 Earnings: What Key Metrics Have to Say

Zacks Equity Research
·2-min read

For the quarter ended March 2023, Middleby (MIDD) reported revenue of $1.01 billion, up 1.3% over the same period last year. EPS came in at $2.19, compared to $2.13 in the year-ago quarter.

The reported revenue represents a surprise of +4.07% over the Zacks Consensus Estimate of $967.97 million. With the consensus EPS estimate being $1.93, the EPS surprise was +13.47%.

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.

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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: $613.94 million versus $602.15 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +12.9% change.

  • Revenue- Residential Kitchen: $219.96 million versus $205.41 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -33.6% change.

  • Revenue- Food Processing: $173.50 million versus $160.20 million estimated by five analysts on average.

  • Income (loss) from operations- Commercial Foodservice: $136.56 million versus the five-analyst average estimate of $131.68 million.

  • Income (loss) from operations- Residential Kitchen: $21.19 million compared to the $19.06 million average estimate based on five analysts.

  • Income (loss) from operations- Food Processing: $34.69 million versus $23.66 million estimated by five analysts on average.

View all Key Company Metrics for Middleby here>>>

Shares of Middleby have returned +5% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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To read this article on Zacks.com click here.

Zacks Investment Research