MKC-V Q3 2022 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC-V

Q3 2022 Earnings

Reported October 6, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2022	Q2 2022	Q3 2021	QoQ Change	YoY Change
Revenue	$1.6B	$1.5B	$1.5B	3.8%	3.0%
Op. Income	$235M	$157M	$265M	49.6%	-11.3%
Gross Margin	35.5%	34.0%	38.7%	1.5pp	-3.2pp
Net Margin	14.0%	7.7%	13.7%	6.3pp	0.3pp
EPS (Diluted)	$0.82	$0.44	$0.79	86.4%	3.8%
Free Cash Flow	$31M	$79M	$67M	-61.2%	-54.5%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$1.0B
GROSS PROFIT	$567M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$326M
SG&A Expenses	$326M
Other Expenses	$6M
Operating Expenses	$332M
Cost & Expenses	$1.4B
OPERATING INCOME	$235M
Interest Income	$5M
Interest Expense	$38M
Other Income/Expenses	$47M
INCOME BEFORE TAX	$282M
Income Tax Expense	$59M
Net Income from Continuing Ops	$223M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$50M
EBIT	$313M
EBITDA	$363M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$1.0B
GROSS PROFIT	$567M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$326M
SG&A Expenses	$326M
Other Expenses	$6M
Operating Expenses	$332M
Cost & Expenses	$1.4B
OPERATING INCOME	$235M
Interest Income	$5M
Interest Expense	$38M
Other Income/Expenses	$47M
INCOME BEFORE TAX	$282M
Income Tax Expense	$59M
Net Income from Continuing Ops	$223M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$50M
EBIT	$313M
EBITDA	$363M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$223M
Depreciation & Amortization	$50M
Stock-Based Compensation	$12M
Deferred Income Tax	$0
Other Non-Cash Items	-$48M
Change in Working Capital	-$142M
OPERATING CASH FLOW	$96M
Capital Expenditure	-$65M
Acquisitions (Net)	$95M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$4M
NET CASH FROM INVESTING	$34M
Net Debt Issuance	$17M
Common Stock Repurchased	-$13M
Common Dividends Paid	-$99M
Other Financing Activities	$4M
NET CASH FROM FINANCING	-$92M
FREE CASH FLOW	$31M
Net Change in Cash	$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$344M
Short-Term Investments	$0
Net Receivables	$566M
Inventory	$1.4B
Other Current Assets	$15M
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$1.1B
Goodwill	$5.2B
Intangible Assets	$3.4B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$783M
TOTAL NON-CURRENT ASSETS	$10.5B
TOTAL ASSETS	$12.9B
Account Payables	$1.1B
Short-Term Debt	$1.5B
Deferred Revenue	$0
Other Current Liabilities	$10M
TOTAL CURRENT LIABILITIES	$3.1B
Long-Term Debt	$3.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$816M
Other Non-Current Liabilities	$473M
TOTAL NON-CURRENT LIABILITIES	$5.2B
TOTAL LIABILITIES	$8.3B
Common Stock	$2.1B
Additional Paid-In Capital	$0
Retained Earnings	$3.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$590M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.6B
Minority Interest	$17M
TOTAL EQUITY	$4.6B
TOTAL LIABILITIES & EQUITY	$12.9B
Total Debt	$5.4B
Net Debt	$5.0B