McCormick (MKC) FY2014 results: revenue $4.2 billion, up 2.9% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.2 billion for fiscal 2014, the year ended 30 November 2014, up 2.9% on the year before. Net income was $438 million, up 12.6%, and diluted earnings per share $1.67. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2015.
Revenue
$4.2 billion
+2.9% on the year
FY2008FY2014
Operating margin
14.2%
13.4% a year earlier
FY2008FY2014
Net income
$438 million
+12.6% on the year
FY2008FY2014
Diluted EPS
$1.67
+14.8% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,243
4,123
4,014
+2.9%
Cost of revenue
2,513
2,458
2,396
+2.3%
Gross profit
1,730
1,666
1,618
+3.9%
Gross margin
40.8%
40.4%
40.3%
Research and development
62.0
61.3
57.8
+1.1%
Selling, general and administrative
1,122
1,075
1,040
+4.4%
Operating income
603
550
578
+9.5%
Operating margin
14.2%
13.4%
14.4%
Interest expense
49.7
53.3
54.6
-6.8%
Pre-tax income
554
499
526
+11.0%
Income tax
146
134
140
+9.2%
Effective tax rate
26.3%
26.8%
26.6%
Net income
438
389
408
+12.6%
Net margin
10.3%
9.4%
10.2%
Diluted EPS
$1.67
$1.46
$1.52
+14.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
504
465
455
+8.3%
Capital expenditure
133
99.9
110
+32.8%
Free cash flow
371
365
345
+1.5%
Free cash flow margin
8.7%
8.9%
8.6%
Cash from investing
-132
-240
-109
Cash from financing
-349
-246
-324
Depreciation and amortisation
103
106
103
-3.1%
Share-based compensation
18.2
18.7
20.2
-2.7%
Buybacks
244
177
132
+37.7%
Dividends paid
192
180
165
+6.9%
Dividend per share
$0.76
$0.69
$0.62
+8.6%
Diluted shares, weighted
262m
267m
269m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,809
1,948
1,700
-7.1%
Debt
1,285
1,233
1,172
+4.2%
Other liabilities
1,288
1,269
1,293
+1.5%
Total liabilities and equity
4,382
4,450
4,165
-1.5%
Fixed assets
603
577
547
+4.5%
Goodwill
1,722
1,798
1,695
-4.2%
Intangible assets
331
333
324
-0.8%
Investments
113
103
86.1
+9.3%
Cash and equivalents
77.3
63.0
79.0
+22.7%
Receivables
494
496
466
-0.4%
Other assets
1,043
1,079
968
-3.4%
Total assets
4,382
4,450
4,165
-1.5%
10-K for the year ended 30 November 2014, filed 29 January 2015: the filing.