MKC FY 2014 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC

FY 2014 Earnings

Reported January 29, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$4.2B	—	$4.1B	—	2.9%
Op. Income	$603M	—	$551M	—	9.5%
Gross Margin	40.8%	—	40.4%	—	0.4pp
Net Margin	10.3%	—	9.4%	—	0.9pp
EPS (Diluted)	$1.67	—	$1.46	—	14.4%
Free Cash Flow	$371M	—	$365M	—	1.5%

Revenue Flow

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$2.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.1B
SG&A Expenses	$1.1B
Other Expenses	$5M
Operating Expenses	$1.1B
Cost & Expenses	$3.6B
OPERATING INCOME	$603M
Interest Income	$0
Interest Expense	$50M
Other Income/Expenses	-$19M
INCOME BEFORE TAX	$584M
Income Tax Expense	$146M
Net Income from Continuing Ops	$438M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$438M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$438M
D&A	$103M
EBIT	$604M
EBITDA	$707M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$2.5B
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.1B
SG&A Expenses	$1.1B
Other Expenses	$5M
Operating Expenses	$1.1B
Cost & Expenses	$3.6B
OPERATING INCOME	$603M
Interest Income	$0
Interest Expense	$50M
Other Income/Expenses	-$19M
INCOME BEFORE TAX	$584M
Income Tax Expense	$146M
Net Income from Continuing Ops	$438M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$438M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$438M
D&A	$103M
EBIT	$604M
EBITDA	$707M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$438M
Depreciation & Amortization	$103M
Stock-Based Compensation	$18M
Deferred Income Tax	$6M
Other Non-Cash Items	-$7M
Change in Working Capital	-$54M
OPERATING CASH FLOW	$504M
Capital Expenditure	-$133M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$132M
Net Debt Issuance	$56M
Common Stock Repurchased	-$244M
Common Dividends Paid	-$192M
Other Financing Activities	$32M
NET CASH FROM FINANCING	-$349M
FREE CASH FLOW	$371M
Net Change in Cash	$14M

Balance Sheet

Item	Amount
Cash & Equivalents	$77M
Short-Term Investments	$0
Net Receivables	$494M
Inventory	$714M
Other Current Assets	$111M
TOTAL CURRENT ASSETS	$1.4B
PP&E (Net)	$603M
Goodwill	$1.7B
Intangible Assets	$331M
Long-Term Investments	$269M
Tax Assets	$0
Other Non-Current Assets	$73M
TOTAL NON-CURRENT ASSETS	$3.0B
TOTAL ASSETS	$4.4B
Account Payables	$372M
Short-Term Debt	$271M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$1.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$108M
Other Non-Current Liabilities	$361M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$2.6B
Common Stock	$996M
Additional Paid-In Capital	$0
Retained Earnings	$983M
Treasury Stock	$0
Accum. Other Comp. Income	-$186M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$17M
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$4.4B
Total Debt	$1.3B
Net Debt	$1.2B