McCormick (MKC) FY2017 results: revenue $4.7 billion, up 7.2% on the year
McCormick & Co. Inc. (MKC) reported revenue of $4.7 billion for fiscal 2017, the year ended 30 November 2017, up 7.2% on the year before. Net income was $477 million, up 1.1%, and diluted earnings per share $1.86. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2019.
Revenue
$4.7 billion
+7.2% on the year
FY2010FY2017
Operating margin
14.8%
14.5% a year earlier
FY2010FY2017
Net income
$477 million
+1.1% on the year
FY2010FY2017
Diluted EPS
$1.86
+0.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
4,730
4,412
4,296
+7.2%
Cost of revenue
2,936
2,580
2,559
+13.8%
Gross profit
1,794
1,832
1,737
-2.1%
Gross margin
37.9%
41.5%
40.4%
Research and development
66.1
61.0
60.8
+8.4%
Selling, general and administrative
1,031
1,175
1,127
-12.2%
Operating income
700
641
548
+9.2%
Operating margin
14.8%
14.5%
12.8%
Interest expense
95.7
56.0
53.3
+70.9%
Pre-tax income
595
589
496
+1.0%
Income tax
151
153
131
-1.1%
Effective tax rate
25.4%
26.0%
26.5%
Net income
477
472
402
+1.1%
Net margin
10.1%
10.7%
9.3%
Diluted EPS
$1.86
$1.84
$1.55
+0.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
815
658
590
+23.9%
Capital expenditure
182
154
128
+18.6%
Free cash flow
633
504
462
+25.5%
Free cash flow margin
13.4%
11.4%
10.7%
Cash from investing
-4,508
-267
-339
Cash from financing
3,756
-372
-200
Depreciation and amortisation
125
109
106
+15.2%
Share-based compensation
23.9
25.6
18.7
-6.6%
Buybacks
138
243
146
-43.2%
Dividends paid
238
218
205
+9.1%
Dividend per share
$0.96
$0.88
$0.81
+9.7%
Diluted shares, weighted
257m
256m
258m
+0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,571
1,638
1,687
+56.9%
Debt
5,027
1,447
1,394
+247.4%
Other liabilities
2,788
1,551
1,391
+79.8%
Total liabilities and equity
10,386
4,636
4,473
+124.0%
Fixed assets
809
669
618
+20.9%
Goodwill
4,490
1,771
1,759
+153.5%
Intangible assets
3,071
425
372
+622.8%
Investments
127
116
113
+9.3%
Cash and equivalents
187
118
113
+57.8%
Receivables
555
465
455
+19.3%
Inventory
793
756
n/a
+4.9%
Other assets
353
314
1,042
+12.5%
Total assets
10,386
4,636
4,473
+124.0%
10-K for the year ended 30 November 2017, filed 25 January 2019: the filing.