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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.
McCormick & Company (NYSE: MKC) will participate in the Deutsche Bank dbAccess Global Consumer Conference on June 9, 2021, at 1:00 p.m. ET. The event features Lawrence Kurzius, Chairman, President & CEO, and Mike Smith, Executive VP & CFO. Interested parties can listen to the live webcast on the company's investor relations website. Should you miss the live event, an archive will be available online. McCormick is a global leader in flavor, boasting over $5 billion in annual sales and a wide array of popular brands.
McCormick & Company (NYSE: MKC) has been named to the Fortune 500 list, ranking 482. The recognition highlights McCormick's strong performance in revenue growth and strategic execution. Chairman, President, and CEO Lawrence E. Kurzius emphasized the company's focus on supply chain, innovation, and marketing investments to ensure future success. McCormick also received accolades for sustainability and diversity, being featured on multiple prestigious lists. With over $5 billion in annual sales, McCormick continues to be a leader in the flavor industry, serving customers in 160 countries.
McCormick & Company (NYSE: MKC) will host a conference call to discuss its second quarter 2021 financial results on July 1, 2021, at 8:00 a.m. Eastern time. The call will feature insights from Chairman and CEO Lawrence Kurzius, CFO Mike Smith, and VP of Investor Relations Kasey Jenkins. This presentation will be accessible live online, with an archived version available thereafter. McCormick generates over $5 billion in annual sales globally and is a leader in flavors and seasonings.
On May 4, 2021, McCormick & Company (NYSE: MKC) awarded the Charles Perry McCormick Scholarship to Paige Holley and Gregory Toliver, totaling $40,000 over four years. This brings the company's total scholarship contributions to over $1.9 million. The event featured Hall of Fame safety Ed Reed as a keynote speaker and recognized other student-athletes with scholarships ranging from $5,000 to $7,500. The Unsung Heroes program, established in 1940, aims to honor student-athletes for their selfless contributions to their teams.
McCormick & Company (NYSE: MKC) will host its 81st annual Unsung Heroes Awards on May 3, 2021, recognizing 100 student-athletes from the Baltimore area. Over the years, the company has awarded $1.9 million in scholarships, with $105,000 to be distributed at this event. Keynote speaker Ed Reed, a former NFL star, will address honorees. The virtual format is in response to COVID-19 concerns, ensuring safety while allowing participants to celebrate from home.
The Board of Directors of McCormick & Company (NYSE:MKC) has declared a quarterly dividend of $0.34 per share, payable on April 26, 2021. Shareholders of record by April 12, 2021 will receive this payment. This dividend reflects a 10% increase from the previous year’s annual dividend of $1.24 per share, marking the 97th year of consecutive dividend payments.
McCormick, a leader in flavor products with over $5 billion in sales, operates globally, offering various brands including McCormick, French's, and Frank's RedHot.
McCormick & Company (NYSE: MKC) reported a 22% sales increase in Q1 2021, driven by strong performance in Consumer and Flavor Solutions segments. Operating income rose to $236 million, with adjusted operating income growing 35% to $263 million. Adjusted EPS increased 33% to $0.72. The company also raised its 2021 sales forecast to 8%-10% growth, citing trends such as cooking at home and digital engagement. Despite transaction costs from recent acquisitions, McCormick remains optimistic about future growth and profitability, supported by a resilient supply chain.
McCormick & Company (NYSE: MKC) will present its first quarter 2021 financial results on March 30, 2021, at 8:00 a.m. Eastern Time. The conference call will be hosted by Lawrence Kurzius, CEO, alongside Mike Smith, CFO, and Kasey Jenkins, VP of Investor Relations. Investors can access the live webcast and presentation materials at ir.mccormick.com. A replay will be available until April 20, 2021, at midnight Eastern Time.
McCormick reported a 5% sales increase for fiscal year 2020, totaling $6.60 billion, driven by a 10% growth in its Consumer segment despite a decline in Flavor Solutions. Earnings per share rose to $2.78, with adjusted EPS increasing 6% to $2.83. For Q4 2020, sales also increased by 5%, but EPS fell to $0.74 due to higher marketing investments. The company expects 2021 sales growth of 7% to 9% with a projected EPS of $2.71 to $2.76. Cash flow from operations hit a record $1 billion, and a 10% dividend increase was authorized, marking 35 consecutive years of increases.
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