MKC FY 2011 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC

FY 2011 Earnings

Reported January 27, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$3.7B	—	$3.3B	—	10.8%
Op. Income	$540M	—	$510M	—	6.0%
Gross Margin	41.2%	—	42.5%	—	-1.3pp
Net Margin	10.1%	—	11.1%	—	-1.0pp
EPS (Diluted)	$1.40	—	$1.38	—	1.4%
Free Cash Flow	$243M	—	$299M	—	-18.5%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$2.2B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$982M
SG&A Expenses	$982M
Other Expenses	$0
Operating Expenses	$982M
Cost & Expenses	$3.2B
OPERATING INCOME	$540M
Interest Income	$0
Interest Expense	$51M
Other Income/Expenses	-$24M
INCOME BEFORE TAX	$517M
Income Tax Expense	$143M
Net Income from Continuing Ops	$374M
Net Income from Discontinued Ops	$25M
Other Adjustments	-$25M
NET INCOME	$374M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$374M
D&A	$98M
EBIT	$543M
EBITDA	$641M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$2.2B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$982M
SG&A Expenses	$982M
Other Expenses	$0
Operating Expenses	$982M
Cost & Expenses	$3.2B
OPERATING INCOME	$540M
Interest Income	$0
Interest Expense	$51M
Other Income/Expenses	-$24M
INCOME BEFORE TAX	$517M
Income Tax Expense	$143M
Net Income from Continuing Ops	$374M
Net Income from Discontinued Ops	$25M
Other Adjustments	-$25M
NET INCOME	$374M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$374M
D&A	$98M
EBIT	$543M
EBITDA	$641M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$374M
Depreciation & Amortization	$98M
Stock-Based Compensation	$13M
Deferred Income Tax	$38M
Other Non-Cash Items	-$47M
Change in Working Capital	-$136M
OPERATING CASH FLOW	$340M
Capital Expenditure	-$97M
Acquisitions (Net)	-$441M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$600.0K
NET CASH FROM INVESTING	-$538M
Net Debt Issuance	$368M
Common Stock Repurchased	-$89M
Common Dividends Paid	-$149M
Other Financing Activities	$58M
NET CASH FROM FINANCING	$188M
FREE CASH FLOW	$243M
Net Change in Cash	$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$54M
Short-Term Investments	$0
Net Receivables	$427M
Inventory	$614M
Other Current Assets	$111M
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$523M
Goodwill	$1.7B
Intangible Assets	$350M
Long-Term Investments	$202M
Tax Assets	$0
Other Non-Current Assets	$96M
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$4.1B
Account Payables	$367M
Short-Term Debt	$222M
Deferred Revenue	$0
Other Current Liabilities	$276M
TOTAL CURRENT LIABILITIES	$993M
Long-Term Debt	$1.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$72M
Other Non-Current Liabilities	$375M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$2.5B
Common Stock	$0
Additional Paid-In Capital	$822M
Retained Earnings	$839M
Treasury Stock	$0
Accum. Other Comp. Income	-$59M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$17M
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$4.1B
Total Debt	$1.3B
Net Debt	$1.2B