McCormick (MKC) FY2019 results: revenue $5.3 billion, up 0.8% on the year
McCormick & Co. Inc. (MKC) reported revenue of $5.3 billion for fiscal 2019, the year ended 30 November 2019, up 0.8% on the year before. Net income was $703 million, down 24.7%, and diluted earnings per share $2.62. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2020.
Revenue
$5.3 billion
+0.8% on the year
FY2012FY2019
Operating margin
17.9%
16.8% a year earlier
FY2012FY2019
Net income
$703 million
-24.7% on the year
FY2012FY2019
Diluted EPS
$2.62
-25.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,347
5,303
4,730
+0.8%
Cost of revenue
3,202
3,210
2,936
-0.2%
Gross profit
2,145
2,093
1,794
+2.5%
Gross margin
40.1%
39.5%
37.9%
Research and development
67.3
69.4
66.1
-3.0%
Selling, general and administrative
1,167
1,163
1,031
+0.3%
Operating income
958
891
700
+7.5%
Operating margin
17.9%
16.8%
14.8%
Interest expense
165
175
95.7
-5.4%
Pre-tax income
819
741
595
+10.5%
Income tax
157
-157
151
Effective tax rate
19.2%
-21.2%
25.4%
Net income
703
933
477
-24.7%
Net margin
13.1%
17.6%
10.1%
Diluted EPS
$2.62
$3.50
$1.86
-25.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
947
821
815
+15.3%
Capital expenditure
174
169
182
+2.7%
Free cash flow
773
652
633
+18.6%
Free cash flow margin
14.5%
12.3%
13.4%
Cash from investing
-171
-158
-4,508
Cash from financing
-726
-751
3,756
Depreciation and amortisation
159
151
125
+5.4%
Share-based compensation
37.2
25.6
23.9
+45.3%
Buybacks
95.1
62.3
138
+52.6%
Dividends paid
302
273
238
+10.5%
Dividend per share
$1.17
$1.06
$0.96
+9.4%
Diluted shares, weighted
268m
266m
257m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,444
3,171
2,571
+8.6%
Non-controlling interest
12.5
11.3
n/a
+10.6%
Debt
4,324
4,696
5,027
-7.9%
Other liabilities
2,581
2,378
2,788
+8.6%
Total liabilities and equity
10,362
10,256
10,386
+1.0%
Fixed assets
953
942
809
+1.2%
Goodwill
4,505
4,528
4,490
-0.5%
Intangible assets
2,847
2,873
3,071
-0.9%
Investments
124
121
127
+3.0%
Cash and equivalents
155
96.6
187
+60.9%
Receivables
503
518
555
-2.9%
Inventory
801
786
793
+1.9%
Other assets
473
392
353
+20.8%
Total assets
10,362
10,256
10,386
+1.0%
10-K for the year ended 30 November 2019, filed 28 January 2020: the filing.