McCormick (MKC) FY2018 results: revenue $5.3 billion, up 12.1% on the year
McCormick & Co. Inc. (MKC) reported revenue of $5.3 billion for fiscal 2018, the year ended 30 November 2018, up 12.1% on the year before. Net income was $933 million, up 95.5%, and diluted earnings per share $3.50. The figures are the company's own, from the 10-K it filed with the SEC on 25 January 2019.
Revenue
$5.3 billion
+12.1% on the year
FY2011FY2018
Operating margin
16.8%
14.8% a year earlier
FY2011FY2018
Net income
$933 million
+95.5% on the year
FY2011FY2018
Diluted EPS
$3.50
+88.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,303
4,730
4,412
+12.1%
Cost of revenue
3,210
2,936
2,580
+9.3%
Gross profit
2,093
1,794
1,832
+16.7%
Gross margin
39.5%
37.9%
41.5%
Research and development
69.4
66.1
61.0
+5.0%
Selling, general and administrative
1,163
1,031
1,175
+12.8%
Operating income
891
700
641
+27.3%
Operating margin
16.8%
14.8%
14.5%
Interest expense
175
95.7
56.0
+82.4%
Pre-tax income
741
595
589
+24.6%
Income tax
-157
151
153
Effective tax rate
-21.2%
25.4%
26.0%
Net income
933
477
472
+95.5%
Net margin
17.6%
10.1%
10.7%
Diluted EPS
$3.50
$1.86
$1.84
+88.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
821
815
658
+0.7%
Capital expenditure
169
182
154
-7.3%
Free cash flow
652
633
504
+3.0%
Free cash flow margin
12.3%
13.4%
11.4%
Cash from investing
-158
-4,508
-267
Cash from financing
-751
3,756
-372
Depreciation and amortisation
151
125
109
+20.4%
Share-based compensation
25.6
23.9
25.6
+7.1%
Buybacks
62.3
138
243
-54.8%
Dividends paid
273
238
218
+15.1%
Dividend per share
$1.06
$0.96
$0.88
+10.4%
Diluted shares, weighted
266m
257m
256m
+3.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,171
2,571
1,638
+23.3%
Non-controlling interest
11.3
n/a
n/a
Debt
4,696
5,027
1,447
-6.6%
Other liabilities
2,378
2,788
1,551
-14.7%
Total liabilities and equity
10,256
10,386
4,636
-1.2%
Fixed assets
942
809
669
+16.4%
Goodwill
4,528
4,490
1,771
+0.8%
Intangible assets
2,873
3,071
425
-6.4%
Investments
121
127
116
-4.9%
Cash and equivalents
96.6
187
118
-48.3%
Receivables
518
555
465
-6.7%
Inventory
786
793
756
-0.9%
Other assets
392
353
314
+10.9%
Total assets
10,256
10,386
4,636
-1.2%
10-K for the year ended 30 November 2018, filed 25 January 2019: the filing.