McCormick (MKC) FY2013 results: revenue $4.1 billion, up 2.7% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.1 billion for fiscal 2013, the year ended 30 November 2013, up 2.7% on the year before. Net income was $389 million, down 4.6%, and diluted earnings per share $1.46. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2014.
Revenue
$4.1 billion
+2.7% on the year
FY2008FY2013
Operating margin
13.4%
14.4% a year earlier
FY2008FY2013
Net income
$389 million
-4.6% on the year
FY2008FY2013
Diluted EPS
$1.46
-4.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,123
4,014
3,698
+2.7%
Cost of revenue
2,458
2,396
2,175
+2.6%
Gross profit
1,666
1,618
1,522
+3.0%
Gross margin
40.4%
40.3%
41.2%
Research and development
61.3
57.8
58.1
+6.1%
Selling, general and administrative
1,075
1,040
982
+3.4%
Operating income
550
578
540
-4.8%
Operating margin
13.4%
14.4%
14.6%
Interest expense
53.3
54.6
51.2
-2.4%
Pre-tax income
499
526
491
-5.1%
Income tax
134
140
143
-4.4%
Effective tax rate
26.8%
26.6%
29.0%
Net income
389
408
374
-4.6%
Net margin
9.4%
10.2%
10.1%
Diluted EPS
$1.46
$1.52
$1.40
-4.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
465
455
340
+2.2%
Capital expenditure
99.9
110
96.7
-9.4%
Free cash flow
365
345
243
+6.0%
Free cash flow margin
8.9%
8.6%
6.6%
Cash from investing
-240
-109
-538
Cash from financing
-246
-324
188
Depreciation and amortisation
106
103
98.3
+3.1%
Share-based compensation
18.7
20.2
13.0
-7.4%
Buybacks
177
132
89.3
+34.2%
Dividends paid
180
165
148
+9.2%
Dividend per share
$0.69
$0.62
$0.56
+12.1%
Diluted shares, weighted
267m
269m
269m
-0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,948
1,700
1,618
+14.6%
Debt
1,233
1,172
1,252
+5.2%
Other liabilities
1,269
1,293
1,217
-1.9%
Total liabilities and equity
4,450
4,165
4,088
+6.8%
Fixed assets
577
547
523
+5.4%
Goodwill
1,798
1,695
1,694
+6.1%
Intangible assets
333
324
350
+3.1%
Investments
103
86.1
71.4
+20.1%
Cash and equivalents
63.0
79.0
53.9
-20.3%
Receivables
496
466
427
+6.4%
Other assets
1,079
968
968
+11.5%
Total assets
4,450
4,165
4,088
+6.8%
10-K for the year ended 30 November 2013, filed 29 January 2014: the filing.