MKC-V Q3 2023 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC-V

Q3 2023 Earnings

Reported October 3, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$1.7B	$1.7B	$1.6B	1.5%	5.6%
Op. Income	$245M	$222M	$235M	10.5%	4.2%
Gross Margin	37.0%	37.1%	35.5%	-0.1pp	1.5pp
Net Margin	10.1%	9.2%	14.0%	0.9pp	-3.9pp
EPS (Diluted)	$0.63	$0.53	$0.82	18.9%	-23.2%
Free Cash Flow	$197M	$234M	$31M	-15.6%	546.9%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$1.1B
GROSS PROFIT	$623M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$369M
SG&A Expenses	$369M
Other Expenses	$9M
Operating Expenses	$378M
Cost & Expenses	$1.4B
OPERATING INCOME	$245M
Interest Income	$9M
Interest Expense	$53M
Other Income/Expenses	-$32M
INCOME BEFORE TAX	$213M
Income Tax Expense	$43M
Net Income from Continuing Ops	$170M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$170M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$170M
D&A	$54M
EBIT	$252M
EBITDA	$306M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$1.1B
GROSS PROFIT	$623M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$369M
SG&A Expenses	$369M
Other Expenses	$9M
Operating Expenses	$378M
Cost & Expenses	$1.4B
OPERATING INCOME	$245M
Interest Income	$9M
Interest Expense	$53M
Other Income/Expenses	-$32M
INCOME BEFORE TAX	$213M
Income Tax Expense	$43M
Net Income from Continuing Ops	$170M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$170M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$170M
D&A	$54M
EBIT	$252M
EBITDA	$306M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$170M
Depreciation & Amortization	$54M
Stock-Based Compensation	$13M
Deferred Income Tax	$0
Other Non-Cash Items	$2M
Change in Working Capital	$28M
OPERATING CASH FLOW	$266M
Capital Expenditure	-$69M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$100.0K
NET CASH FROM INVESTING	-$69M
Net Debt Issuance	-$77M
Common Stock Repurchased	-$8M
Common Dividends Paid	-$105M
Other Financing Activities	$6M
NET CASH FROM FINANCING	-$183M
FREE CASH FLOW	$197M
Net Change in Cash	$27M

Balance Sheet

Item	Amount
Cash & Equivalents	$155M
Short-Term Investments	$0
Net Receivables	$625M
Inventory	$1.2B
Other Current Assets	$123M
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$1.3B
Goodwill	$5.3B
Intangible Assets	$3.4B
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$960M
TOTAL NON-CURRENT ASSETS	$10.9B
TOTAL ASSETS	$13.0B
Account Payables	$1.1B
Short-Term Debt	$1.4B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$3.2B
Long-Term Debt	$3.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$865M
Other Non-Current Liabilities	$499M
TOTAL NON-CURRENT LIABILITIES	$4.7B
TOTAL LIABILITIES	$7.9B
Common Stock	$2.2B
Additional Paid-In Capital	$0
Retained Earnings	$3.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$394M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.0B
Minority Interest	$21M
TOTAL EQUITY	$5.1B
TOTAL LIABILITIES & EQUITY	$13.0B
Total Debt	$4.8B
Net Debt	$4.6B