McCormick (MKC) FY2015 results: revenue $4.3 billion, up 1.3% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.3 billion for fiscal 2015, the year ended 30 November 2015, up 1.3% on the year before. Net income was $402 million, down 8.3%, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2016.
Revenue
$4.3 billion
+1.3% on the year
FY2008FY2015
Operating margin
12.8%
14.2% a year earlier
FY2008FY2015
Net income
$402 million
-8.3% on the year
FY2008FY2015
Diluted EPS
$1.55
-6.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
4,296
4,243
4,123
+1.3%
Cost of revenue
2,559
2,513
2,458
+1.8%
Gross profit
1,737
1,730
1,666
+0.4%
Gross margin
40.4%
40.8%
40.4%
Research and development
60.8
62.0
61.3
-1.9%
Selling, general and administrative
1,127
1,122
1,075
+0.5%
Operating income
548
603
550
-9.1%
Operating margin
12.8%
14.2%
13.4%
Interest expense
53.3
49.7
53.3
+7.2%
Pre-tax income
496
554
499
-10.5%
Income tax
131
146
134
-10.0%
Effective tax rate
26.5%
26.3%
26.8%
Net income
402
438
389
-8.3%
Net margin
9.3%
10.3%
9.4%
Diluted EPS
$1.55
$1.67
$1.46
-6.9%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
590
504
465
+17.2%
Capital expenditure
128
133
99.9
-3.2%
Free cash flow
462
371
365
+24.5%
Free cash flow margin
10.7%
8.7%
8.9%
Cash from investing
-339
-132
-240
Cash from financing
-200
-349
-246
Depreciation and amortisation
106
103
106
+3.1%
Share-based compensation
18.7
18.2
18.7
+2.7%
Buybacks
146
244
177
-40.3%
Dividends paid
205
192
180
+6.5%
Dividend per share
$0.81
$0.76
$0.69
+7.9%
Diluted shares, weighted
258m
262m
267m
-1.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,687
1,809
1,948
-6.8%
Debt
1,394
1,285
1,233
+8.5%
Other liabilities
1,391
1,288
1,269
+8.0%
Total liabilities and equity
4,473
4,382
4,450
+2.1%
Fixed assets
618
603
577
+2.6%
Goodwill
1,759
1,722
1,798
+2.2%
Intangible assets
372
331
333
+12.5%
Investments
113
113
103
-0.4%
Cash and equivalents
113
77.3
63.0
+45.7%
Receivables
455
494
496
-7.8%
Other assets
1,042
1,043
1,079
-0.0%
Total assets
4,473
4,382
4,450
+2.1%
10-K for the year ended 30 November 2015, filed 28 January 2016: the filing.