MKC FY 2018 Earnings Report — McCormick & Company, Incorporated Revenue & Financial Results | Market Cap Arena

McCormick & Company, IncorporatedMKC

FY 2018 Earnings

Reported January 24, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$5.3B	—	$4.7B	—	12.1%
Op. Income	$891M	—	$700M	—	27.3%
Gross Margin	39.5%	—	37.9%	—	1.5pp
Net Margin	17.6%	—	10.1%	—	7.5pp
EPS (Diluted)	$3.50	—	$1.86	—	88.2%
Free Cash Flow	$652M	—	$633M	—	3.0%

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	$39M
Operating Expenses	$1.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$891M
Interest Income	$7M
Interest Expense	$175M
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$776M
Income Tax Expense	-$157M
Net Income from Continuing Ops	$933M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$933M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$933M
D&A	$151M
EBIT	$916M
EBITDA	$1.1B
EPS	$4
EPS Diluted	$4

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	$39M
Operating Expenses	$1.2B
Cost & Expenses	$4.4B
OPERATING INCOME	$891M
Interest Income	$7M
Interest Expense	$175M
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$776M
Income Tax Expense	-$157M
Net Income from Continuing Ops	$933M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$933M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$933M
D&A	$151M
EBIT	$916M
EBITDA	$1.1B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$933M
Depreciation & Amortization	$151M
Stock-Based Compensation	$26M
Deferred Income Tax	-$269M
Other Non-Cash Items	-$10M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$821M
Capital Expenditure	-$169M
Acquisitions (Net)	-$4M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$15M
NET CASH FROM INVESTING	-$159M
Net Debt Issuance	-$467M
Common Stock Repurchased	-$62M
Common Dividends Paid	-$273M
Other Financing Activities	$51M
NET CASH FROM FINANCING	-$751M
FREE CASH FLOW	$652M
Net Change in Cash	-$90M

Balance Sheet

Item	Amount
Cash & Equivalents	$97M
Short-Term Investments	$0
Net Receivables	$518M
Inventory	$786M
Other Current Assets	$52M
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$942M
Goodwill	$4.5B
Intangible Assets	$2.9B
Long-Term Investments	$288M
Tax Assets	$0
Other Non-Current Assets	$102M
TOTAL NON-CURRENT ASSETS	$8.8B
TOTAL ASSETS	$10.3B
Account Payables	$710M
Short-Term Debt	$644M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$4.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$707M
Other Non-Current Liabilities	$313M
TOTAL NON-CURRENT LIABILITIES	$5.1B
TOTAL LIABILITIES	$7.1B
Common Stock	$1.8B
Additional Paid-In Capital	$0
Retained Earnings	$1.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$360M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.2B
Minority Interest	$11M
TOTAL EQUITY	$3.2B
TOTAL LIABILITIES & EQUITY	$10.3B
Total Debt	$4.7B
Net Debt	$4.6B