Filing Flows › Middleby (MIDD) › Q4 2024
Middleby (MIDD) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Feb 26, 2025
Middleby (MIDD) reported revenue of $829M for the fourth quarter 2024 (Q4 2024), -18% from a year earlier and -12% from the quarter before. Operating margin was 19.0%, net earnings $112M (13.5% of revenue).
Middleby, Q4 2024: revenue $829M (-18% year over year), operating margin 19.0%, net earnings $112M, operating cash flow $240M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $829M | -12% | -18% |
| Gross profit | $331M | -7% | -14% |
| Operating profit | $158M | -9% | +19% |
| Net earnings | $112M | -2% | +47% |
| Operating cash flow | $240M | +53% | -6% |
| Free cash flow | $229M | — | -5% |
What changed
Revenue was $828.8M in Q4 2024, down 18% year over year and down 12% from the previous quarter. Commercial Foodservice Equipment Group was the largest line at 74% of revenue.
Gross margin was 40.0%, up 1.6 points from a year earlier. Operating profit was $157.8M, a 19.0% margin (up 5.9 points year over year). Operating expenses fell 32% while revenue fell 18%. Net earnings were $112.3M, up 47% year over year. The effective tax rate was 24.8%.
Operating cash flow was $239.7M (down 6% year over year), 213% of net earnings. Non-cash charges added back $32.3M of depreciation and amortization and $6.0M of share-based compensation. Working capital and other items added $89.1M. After capital expenditures, net sale of proceeds ($10.6M), free cash flow as the company reports it was $229.1M.
Questions
What was Middleby's revenue in the fourth quarter 2024?
Middleby (MIDD) reported revenue of $829M for the fourth quarter 2024 (Q4 2024), -18% from a year earlier and -12% from the quarter before.
Was Middleby profitable in the fourth quarter 2024?
Operating profit was $158M (19.0% of revenue) and net earnings $112M.
Source: Middleby 10-K on SEC EDGAR.