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McCormick & Company, Incorporated (NYSE: MKC) is a global leader in flavor and has been a trusted name in the industry for over 130 years. Headquartered in Hunt Valley, Maryland, the company manufactures, markets, and distributes a wide array of spices, seasoning mixes, condiments, and other flavorful products to the entire food industry including e-commerce channels, grocery stores, food manufacturers, and food service businesses.
McCormick's broad product portfolio includes popular brands such as McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, and Gourmet Garden. These products reach consumers in more than 150 countries and territories around the world.
McCormick's commitment to quality and innovation is evident through its extensive partnerships with farmers and suppliers across 40 different countries, guaranteeing year-over-year consistency and great-tasting quality spices. The company’s relentless focus on sustainability and purpose-led performance has embedded itself into its culture, driving significant achievements and growth.
Recent notable developments include the promotion of Brendan Foley to President and CEO effective September 1, 2023, succeeding Lawrence E. Kurzius who will continue as Executive Chairman. Under Kurzius's leadership, the company saw remarkable growth, including top-tier organic sales growth and the acquisitions of iconic brands like Frank's RedHot, French's, and Cholula.
McCormick reported strong financial performance for the fiscal year 2023, with a significant increase in gross profit margin and operating income. The company has raised its profit outlook for fiscal 2024 due to robust demand across its portfolio and successful cost optimization strategies.
In its continuous efforts to stay ahead in a fast-changing world, McCormick recently entered a transformative agreement with Cognizant to manage its global technology infrastructure. This partnership aims to deliver best-in-class user experiences for McCormick's global workforce and accelerate the company's digital transformation journey.
McCormick is guided by its purpose – To Stand Together for the Future of Flavor – envisioning a world united by healthy, sustainable, and delicious food. For more information, visit McCormick Corporation or follow McCormick & Company on Instagram and LinkedIn.
Holladay Distillery has broken ground on Rickhouse D, its fourth ironclad rickhouse in Missouri, responding to increased consumer demand. The new facility will be constructed over 8-9 months with an 11,000-barrel capacity, maintaining consistency with existing rickhouses that span approximately 9,000 square feet and hold 10,000-12,000 barrels.
After a bourbon distilling hiatus from 1985 to 2015, Holladay resumed production using its original 1856 mash bill, leading to the release of Ben Holladay Bourbon in 2022. In 2016, they introduced a new soft red wheat mash bill, resulting in Holladay Soft Red Wheat Bourbon in 2023. The company's portfolio includes Rickhouse Proof, One Barrel Bourbons, and the Ancient Cave Collection, all of which will benefit from the expanded capacity.
McCormick & Company (NYSE: MKC) has announced its upcoming presentation at the Consumer Analyst Group of New York (CAGNY) Conference scheduled for February 18, 2025, at 4:00 p.m. ET. The global flavor leader will be represented by Brendan Foley, Chairman, President & CEO, and Marcos Gabriel, Executive Vice President & CFO.
The presentation will be accessible through a live webcast on McCormick's investor relations website at ir.mccormick.com. For those unable to attend the live event, a replay will be made available on the same platform following the presentation.
McCormick (NYSE:MKC) reported strong financial results for Q4 and fiscal year 2024. Fourth quarter sales increased 3% with a 1% currency benefit, while fiscal year sales grew 1%. Q4 earnings per share was $0.80 compared to $0.81 in 2023, while adjusted EPS was $0.80 versus $0.85 in 2023.
For fiscal year 2024, earnings per share reached $2.92 compared to $2.52 in 2023, with adjusted EPS of $2.95 versus $2.70. Cash flow from operations was $922 million, down from $1.2 billion in 2023. The company increased its quarterly dividend by 7%, marking the 39th consecutive year of dividend increases.
Looking ahead to 2025, McCormick expects net sales growth of 0-2% (1-3% in constant currency), operating income growth of 3-5%, and adjusted earnings per share of $3.03-$3.08. The company anticipates a tax rate of 22% and plans to continue returning significant cash flow to shareholders through dividends.
McCormick & Company (NYSE: MKC) has announced it will report its fourth quarter 2024 financial results on January 23, 2025, at 8:00 a.m. Eastern Time. The company will conduct a conference call and webcast hosted by Chairman, President & CEO Brendan Foley, Executive Vice President & CFO Marcos Gabriel, and Vice President of Investor Relations Faten Freiha.
A live audio webcast and presentation materials will be available on McCormick's investor relations website. For those unable to attend, an audio replay will be accessible until February 13, 2025, by calling 877-660-6853 (US) or 201-612-7415 (international) with conference ID 13750613.
McCormick & Company (NYSE: MKC) announced that Lawrence E. Kurzius will step down as Executive Chairman on December 31, 2024, after eight years of service. He will remain on the Board but won't seek re-election in March 2025. Brendan Foley, current President and CEO, will succeed Kurzius as Chairman effective January 1, 2025, while maintaining his existing responsibilities.
Foley, who joined McCormick 10 years ago, has held various leadership positions including President U.S. Consumer, President North America, and President Global Consumer. He previously worked at H.J. Heinz and General Mills.
McCormick (NYSE: MKC) announced a quarterly dividend increase from $0.42 to $0.45 per share, payable January 13, 2025 to shareholders of record December 30, 2024. This marks the company's 101st year of continuous dividend payments and 39th consecutive year of dividend increases. The company, recognized as a Dividend Aristocrat, has maintained dividend payments since 1925, demonstrating its commitment to returning value to shareholders.
McCormick & Company (NYSE: MKC) held an Investor Day at its Global Headquarters, where it reaffirmed its 2024 outlook and shared long-term growth objectives through 2028. The company expects to achieve the mid to high-end of its projected Net Sales growth range and the high-end of adjusted earnings per share range for 2024. Looking ahead to 2028, McCormick targets annual Net Sales of at least $8 billion, with long-term growth objectives of 4-6% for Net Sales, 7-9% for Operating Income, and 9-11% for Earnings Per Share on a compound annual growth rate basis, excluding acquisitions.
McCormick & Company (NYSE: MKC), a global leader in flavor, has announced its upcoming Investor Day scheduled for Tuesday, October 22, 2024, at the company's Global Headquarters in Hunt Valley, Maryland. The event will feature presentations by President and CEO Brendan Foley and other members of McCormick's leadership team, who will discuss the company's long-term strategy and financial outlook.
The Investor Day presentations are set to begin at 8:30 a.m. ET and conclude by 11:30 a.m. ET. While in-person attendance is by invitation only, the event will be webcast live on McCormick's Investor Relations website at ir.mccormick.com. For those unable to attend or watch live, a replay of the webcast and presentation materials will be made available on the same website following the event.
McCormick reported comparable sales and improved earnings for Q3 2024. Key highlights:
- Sales were flat year-over-year, with 1% volume growth offset by pricing
- Operating income increased to $287 million from $245 million last year
- Adjusted EPS rose to $0.83 from $0.65 last year
- Consumer segment saw 1% volume growth, while Flavor Solutions had sequential improvement
- Gross margin expanded 170 basis points
- Company reaffirmed 2024 sales and operating profit outlook, raised EPS guidance
- Expects FY2024 sales growth of -1% to 1% and adjusted operating income growth of 4-6%
- Projecting FY2024 adjusted EPS of $2.85-$2.90, up 5-7% year-over-year
McCormick & Company (NYSE:MKC) has declared a quarterly dividend of $0.42 per share on its common stocks. The dividend will be payable on October 21, 2024 to shareholders of record as of October 7, 2024. This announcement marks a significant milestone for the company, as it represents the 100th year of consecutive dividend payments.
The declaration of this dividend demonstrates McCormick's commitment to providing consistent returns to its shareholders and highlights the company's long-standing financial stability. The continuation of dividend payments for a century underscores McCormick's resilience and ability to generate consistent cash flow over an extended period.
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