McCormick (MKC) FY2012 results: revenue $4.0 billion, up 8.6% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.0 billion for fiscal 2012, the year ended 30 November 2012, up 8.6% on the year before. Net income was $408 million, up 9.0%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2013.
Revenue
$4.0 billion
+8.6% on the year
FY2008FY2012
Operating margin
14.4%
14.6% a year earlier
FY2008FY2012
Net income
$408 million
+9.0% on the year
FY2008FY2012
Diluted EPS
$1.52
+9.0% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
4,014
3,698
3,337
+8.6%
Cost of revenue
2,396
2,175
1,919
+10.2%
Gross profit
1,618
1,522
1,418
+6.3%
Gross margin
40.3%
41.2%
42.5%
Research and development
57.8
58.1
52.7
-0.5%
Selling, general and administrative
1,040
982
908
+5.8%
Operating income
578
540
510
+7.0%
Operating margin
14.4%
14.6%
15.3%
Interest expense
54.6
51.2
49.3
+6.6%
Pre-tax income
526
491
463
+7.1%
Income tax
140
143
118
-2.0%
Effective tax rate
26.6%
29.0%
25.5%
Net income
408
374
370
+9.0%
Net margin
10.2%
10.1%
11.1%
Diluted EPS
$1.52
$1.40
$1.38
+9.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
455
340
388
+33.8%
Capital expenditure
110
96.7
89.0
+14.1%
Free cash flow
345
243
298
+41.7%
Free cash flow margin
8.6%
6.6%
8.9%
Cash from investing
-109
-538
-130
Cash from financing
-324
188
-261
Depreciation and amortisation
103
98.3
95.1
+4.6%
Share-based compensation
20.2
13.0
11.9
+55.4%
Buybacks
132
89.3
82.5
+48.0%
Dividends paid
165
148
138
+10.9%
Dividend per share
$0.62
$0.56
$0.52
+10.7%
Diluted shares, weighted
269m
269m
269m
0.0%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,700
1,618
1,463
+5.0%
Short-term borrowings
n/a
n/a
0.2
Debt
1,172
1,252
880
-6.4%
Other liabilities
1,293
1,217
1,077
+6.3%
Total liabilities and equity
4,165
4,088
3,420
+1.9%
Fixed assets
547
523
488
+4.6%
Goodwill
1,695
1,694
1,417
+0.1%
Intangible assets
324
350
232
-7.6%
Investments
86.1
71.4
65.8
+20.6%
Cash and equivalents
79.0
53.9
50.8
+46.6%
Receivables
466
427
387
+9.1%
Other assets
968
968
778
+0.0%
Total assets
4,165
4,088
3,420
+1.9%
10-K for the year ended 30 November 2012, filed 25 January 2013: the filing.