McCormick (MKC) FY2020 results: revenue $5.6 billion, up 4.7% on the year
McCormick & Co. Inc. (MKC) reported revenue of $5.6 billion for fiscal 2020, the year ended 30 November 2020, up 4.7% on the year before. Net income was $747 million, up 6.4%, and diluted earnings per share $2.78. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2021.
Revenue
$5.6 billion
+4.7% on the year
FY2013FY2020
Operating margin
17.8%
17.9% a year earlier
FY2013FY2020
Net income
$747 million
+6.4% on the year
FY2013FY2020
Diluted EPS
$2.78
+6.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,601
5,347
5,303
+4.7%
Cost of revenue
3,301
3,202
3,210
+3.1%
Gross profit
2,300
2,145
2,093
+7.2%
Gross margin
41.1%
40.1%
39.5%
Research and development
68.6
67.3
69.4
+1.9%
Selling, general and administrative
1,282
1,167
1,163
+9.8%
Operating income
1,000
958
891
+4.4%
Operating margin
17.8%
17.9%
16.8%
Interest expense
136
165
175
-17.9%
Pre-tax income
882
819
741
+7.6%
Income tax
175
157
-157
+11.1%
Effective tax rate
19.8%
19.2%
-21.2%
Net income
747
703
933
+6.4%
Net margin
13.3%
13.1%
17.6%
Diluted EPS
$2.78
$2.62
$3.50
+6.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,041
947
821
+10.0%
Capital expenditure
225
174
169
+29.7%
Free cash flow
816
773
652
+5.5%
Free cash flow margin
14.6%
14.5%
12.3%
Cash from investing
-1,026
-171
-158
Cash from financing
221
-726
-751
Depreciation and amortisation
165
159
151
+3.9%
Share-based compensation
46.0
37.2
25.6
+23.7%
Buybacks
47.3
95.1
62.3
-50.3%
Dividends paid
330
302
273
+9.2%
Dividend per share
$1.27
$1.17
$1.06
+9.0%
Diluted shares, weighted
269m
268m
266m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,926
3,444
3,171
+14.0%
Non-controlling interest
13.9
12.5
11.3
+11.2%
Debt
4,904
4,324
4,696
+13.4%
Operating lease liabilities
104
n/a
n/a
Finance lease liabilities
126
n/a
n/a
Other liabilities
3,016
2,581
2,378
+16.9%
Total liabilities and equity
12,090
10,362
10,256
+16.7%
Fixed assets
1,028
953
942
+8.0%
Goodwill
4,986
4,505
4,528
+10.7%
Intangible assets
3,239
2,847
2,873
+13.8%
Investments
130
124
121
+4.4%
Cash and equivalents
424
155
96.6
+172.6%
Receivables
528
503
518
+5.1%
Inventory
1,033
801
786
+28.9%
Other assets
721
473
392
+52.3%
Total assets
12,090
10,362
10,256
+16.7%
10-K for the year ended 30 November 2020, filed 28 January 2021: the filing.