MKC-V FY 2019 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC-V

FY 2019 Earnings

Reported November 30, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$5.3B	—	$5.3B	—	0.8%
Op. Income	$958M	—	$891M	—	7.5%
Gross Margin	40.1%	—	39.4%	—	0.7pp
Net Margin	13.1%	—	17.6%	—	-4.5pp
EPS (Diluted)	$2.62	—	$3.50	—	-25.1%
Free Cash Flow	$773M	—	$652M	—	18.6%

Revenue Flow

Item	Amount
REVENUE	$5.3B
Cost of Revenue	$3.2B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.2B
Other Expenses	$21M
Operating Expenses	$1.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$958M
Interest Income	$10M
Interest Expense	$165M
Other Income/Expenses	-$98M
INCOME BEFORE TAX	$860M
Income Tax Expense	$157M
Net Income from Continuing Ops	$703M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$703M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$703M
D&A	$159M
EBIT	$984M
EBITDA	$1.1B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$5.3B
Cost of Revenue	$3.2B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.2B
Other Expenses	$21M
Operating Expenses	$1.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$958M
Interest Income	$10M
Interest Expense	$165M
Other Income/Expenses	-$98M
INCOME BEFORE TAX	$860M
Income Tax Expense	$157M
Net Income from Continuing Ops	$703M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$703M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$703M
D&A	$159M
EBIT	$984M
EBITDA	$1.1B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$703M
Depreciation & Amortization	$159M
Stock-Based Compensation	$37M
Deferred Income Tax	$21M
Other Non-Cash Items	-$11M
Change in Working Capital	$38M
OPERATING CASH FLOW	$947M
Capital Expenditure	-$174M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$3M
NET CASH FROM INVESTING	-$171M
Net Debt Issuance	-$448M
Common Stock Repurchased	-$108M
Common Dividends Paid	-$302M
Other Financing Activities	$119M
NET CASH FROM FINANCING	-$726M
FREE CASH FLOW	$773M
Net Change in Cash	$59M

Balance Sheet

Item	Amount
Cash & Equivalents	$155M
Short-Term Investments	$0
Net Receivables	$503M
Inventory	$801M
Other Current Assets	$55M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$953M
Goodwill	$4.5B
Intangible Assets	$2.8B
Long-Term Investments	$310M
Tax Assets	-$310M
Other Non-Current Assets	$507M
TOTAL NON-CURRENT ASSETS	$8.8B
TOTAL ASSETS	$10.4B
Account Payables	$847M
Short-Term Debt	$698M
Deferred Revenue	$0
Other Current Liabilities	$424M
TOTAL CURRENT LIABILITIES	$2.2B
Long-Term Debt	$3.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$698M
Other Non-Current Liabilities	$428M
TOTAL NON-CURRENT LIABILITIES	$4.8B
TOTAL LIABILITIES	$6.9B
Common Stock	$1.9B
Additional Paid-In Capital	$0
Retained Earnings	$2.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$500M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$13M
TOTAL EQUITY	$3.5B
TOTAL LIABILITIES & EQUITY	$10.4B
Total Debt	$4.3B
Net Debt	$4.2B