McCormick (MKC) FY2016 results: revenue $4.4 billion, up 2.7% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.4 billion for fiscal 2016, the year ended 30 November 2016, up 2.7% on the year before. Net income was $472 million, up 17.6%, and diluted earnings per share $1.84. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2019.
Revenue
$4.4 billion
+2.7% on the year
FY2009FY2016
Operating margin
14.5%
12.8% a year earlier
FY2009FY2016
Net income
$472 million
+17.6% on the year
FY2009FY2016
Diluted EPS
$1.84
+18.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
4,412
4,296
4,243
+2.7%
Cost of revenue
2,580
2,559
2,513
+0.8%
Gross profit
1,832
1,737
1,730
+5.4%
Gross margin
41.5%
40.4%
40.8%
Research and development
61.0
60.8
62.0
+0.3%
Selling, general and administrative
1,175
1,127
1,122
+4.2%
Operating income
641
548
603
+16.9%
Operating margin
14.5%
12.8%
14.2%
Interest expense
56.0
53.3
49.7
+5.1%
Pre-tax income
589
496
554
+18.7%
Income tax
153
131
146
+16.5%
Effective tax rate
26.0%
26.5%
26.3%
Net income
472
402
438
+17.6%
Net margin
10.7%
9.3%
10.3%
Diluted EPS
$1.84
$1.55
$1.67
+18.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
658
590
504
+11.5%
Capital expenditure
154
128
133
+19.8%
Free cash flow
504
462
371
+9.3%
Free cash flow margin
11.4%
10.7%
8.7%
Cash from investing
-267
-339
-132
Cash from financing
-372
-200
-349
Depreciation and amortisation
109
106
103
+2.6%
Share-based compensation
25.6
18.7
18.2
+36.9%
Buybacks
243
146
244
+66.5%
Dividends paid
218
205
192
+6.3%
Dividend per share
$0.88
$0.81
$0.76
+8.0%
Diluted shares, weighted
256m
258m
262m
-0.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,638
1,687
1,809
-2.9%
Debt
1,447
1,394
1,285
+3.8%
Other liabilities
1,551
1,391
1,288
+11.4%
Total liabilities and equity
4,636
4,473
4,382
+3.7%
Fixed assets
669
618
603
+8.2%
Goodwill
1,771
1,759
1,722
+0.7%
Intangible assets
425
372
331
+14.2%
Investments
116
113
113
+3.2%
Cash and equivalents
118
113
77.3
+5.2%
Receivables
465
455
494
+2.2%
Inventory
756
n/a
n/a
Other assets
314
1,042
1,043
-69.9%
Total assets
4,636
4,473
4,382
+3.7%
10-K for the year ended 30 November 2016, filed 25 January 2019: the filing.