Mccormick & Co. Inc. Q1 FY2024 results: revenue $1.6 billion, up 2.4% on the year

Mccormick & Co. Inc. (MKC) reported revenue of $1.6 billion for Q1 FY2024, the quarter ended 29 February 2024, up 2.4% on the same quarter a year earlier. Net income was $166 million, up 19.3% on the year, and diluted earnings per share $0.62. The figures are the company's own, from the 10-Q it filed with the SEC on 26 March 2024.

Revenue$1.6 billionup 2.4%

Net income$166 millionup 19.3%

Diluted EPS$0.62

QuarterQ1 FY2024ended 29 February 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,603	1,753	n/a	n/a
Cost of revenue	1,003	1,052	n/a	n/a
Gross profit	599	701	n/a	n/a
Gross margin	37.4%	40.0%	n/a
Selling, general and administrative	362	390	n/a	n/a
Operating income	234	297	n/a	n/a
Operating margin	14.6%	17.0%	n/a
Interest expense	50.3	52.7	n/a	n/a
Pre-tax income	194	258	n/a	n/a
Income tax	49.6	57.1	n/a	n/a
Effective tax rate	25.5%	22.2%	n/a
Net income	166	219	n/a	n/a
Net margin	10.4%	12.5%	n/a
Diluted EPS	$0.62	$0.81	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	138	577	n/a	n/a
Capital expenditure	62.0	76.7	n/a	n/a
Free cash flow	76.4	500	n/a	n/a
Free cash flow margin	4.8%	28.6%	n/a
Depreciation and amortisation	45.8	48.9	n/a	n/a
Share-based compensation	11.7	12.3	n/a	n/a
Buybacks	0.3	9.0	n/a	n/a
Dividends paid	113	105	n/a	n/a
Dividend per share	$0.42	n/a	n/a	n/a
Diluted shares, weighted	270m	270m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	12,890	12,862	n/a	n/a
Cash and equivalents	178	167	n/a	n/a
Receivables	568	588	n/a	n/a
Inventory	n/a	1,126	n/a	n/a
Goodwill	5,254	5,260	n/a	n/a
Long-term debt	4,128	4,139	n/a	n/a
Operating lease liabilities	n/a	180	n/a	n/a
Finance lease liabilities	n/a	103	n/a	n/a
Shareholders' equity	5,232	5,061	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,685	1,753	1,603	1,643	1,680	1,798	1,606	1,660	1,725	1,850	1,874	1,937
Cost of revenue	1,062	1,052	1,003	1,024	1,030	1,076	1,002	1,037	1,080	1,130	1,165	1,158
Gross profit	623	701	599	620	650	722	604	623	645	720	709	778
Gross margin	37%	40%	37%	38%	39%	40%	38%	38%	37%	39%	38%	40%
SG&A	372	390	362	384	362	414	379	364	352	405	456	442
Operating income	245	297	234	234	286	306	225	246	289	311	228	276
Operating margin	15%	17%	15%	14%	17%	17%	14%	15%	17%	17%	12%	14%
Interest expense	52.7	52.7	50.3	52.9	53.5	52.7	48.5	51.0	50.2	46.5	47.3	62.7
Pre-tax income	199	258	194	194	246	264	186	205	248	274	185	220
Tax rate	21%	22%	26%	14%	17%	25%	22%	24%	16%	24%	26%	29%
Net income	170	219	166	184	223	215	162	175	226	227	1,016	150
Net margin	10%	13%	10%	11%	13%	12%	10%	11%	13%	12%	54%	8%
Diluted EPS	$0.63	$0.81	$0.62	$0.68	$0.83	$0.79	$0.60	$0.65	$0.84	$0.84	$3.77	$0.56
Operating cash flow	266	577	138	163	162	459	116	45.9	259	542	50.9	380
Capital expenditure	68.6	76.7	62.0	68.3	59.0	85.6	37.1	48.3	52.7	83.7	32.5	42.7
Free cash flow	197	500	76.4	94.8	103	373	78.4	-2.4	206	458	18.4	337
Buybacks	8.1	9.0	0.3	4.2	24.5	24.1	17.2	9.3	2.7	5.6	10.9	0.0
Dividends paid	105	105	113	113	113	113	121	121	121	121	129	129
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 February 2024, filed 26 March 2024, accession 0000063754-24-000033: the filing on EDGAR. All of Mccormick & Co. Inc.'s filings: EDGAR company page.

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