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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 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.
McCormick & Company (NYSE: MKC) will host a conference call on January 28, 2021, at 8:00 a.m. Eastern time to discuss its fourth quarter 2020 financial results. Chairman, President & CEO Lawrence Kurzius, EVP & CFO Mike Smith, and VP of Investor Relations Kasey Jenkins will lead the call. Investors can join via the company’s website. A replay will be available until February 18, 2021. McCormick reported over $5 billion in annual sales across 160 countries, emphasizing their commitment to flavor and sustainability.
McCormick & Company (NYSE: MKC) announced the acquisition of FONA International for $710 million in cash. FONA is a major manufacturer of clean and natural flavors, with annual sales of approximately $114 million. This acquisition will enhance McCormick's flavor portfolio, expand its technology platform, and strengthen its capabilities in health and wellness. McCormick expects this strategic move to be accretive to gross margin and enhance shareholder value, aligning with its goal of leading in flavor innovation.
L Catterton has finalized the sale of Cholula, a prominent hot sauce producer, to McCormick & Company (NYSE: MKC) for $800 million. This transaction marks the conclusion of their partnership with Cholula, which has been positioned well for growth under McCormick's management. Morgan Stanley acted as the lead financial advisor for Cholula, with support from Houlihan Lokey and Kirkland & Ellis as legal advisors for L Catterton. Cholula, known for its unique blend of spices and peppers, has a rich history since its U.S. introduction in 1989, now offering six sauce varieties worldwide.
McCormick & Company (NYSE: MKC) has completed the acquisition of Cholula Hot Sauce for $800 million, enhancing its portfolio in the hot sauce category. The deal, initially announced on November 24, 2020, will be funded through cash and commercial paper. McCormick anticipates that the acquisition will dilute earnings per share (EPS) in fiscal years 2020 and 2021 but is expected to be accretive to adjusted EPS in 2021. The company aims to leverage its operational expertise to drive growth for Cholula.
McCormick & Company (NYSE: MKC) announced it received an unsolicited mini-tender offer from TRC Capital Investment Corporation to buy up to 750,000 shares at $176.38 each, 4.46% below its closing price on November 13, 2020. McCormick advises stockholders not to tender their shares, highlighting that the offer lacks necessary protections of larger tender offers and is below market value. The SEC warns investors about mini-tender offers that may exploit price discrepancies. McCormick emphasizes the importance of consulting brokers for current share prices and exercising caution regarding this unsolicited offer.
L Catterton has announced the sale of Cholula, a hot sauce producer, to McCormick & Company (MKC) for $800 million. The deal, subject to customary closing conditions, comes after L Catterton transformed Cholula since its acquisition in April 2019, enhancing market share and consumer loyalty. Cholula achieved over 50% growth in household penetration during this period. Both companies express excitement over future growth as Cholula joins the McCormick family, leveraging its global resources and operational expertise.
On November 24, 2020, McCormick (NYSE: MKC) announced its agreement to acquire Cholula Hot Sauce for $800 million in cash. This acquisition aims to enhance McCormick's condiment platform and capitalize on the growing hot sauce market, which is experiencing high growth. Cholula, with estimated annual net sales of $96 million, is expected to grow in the mid-to-high single digits. McCormick plans to leverage its operational expertise to enhance Cholula's brand awareness and distribution, potentially driving long-term shareholder value.
The Board of Directors of McCormick & Company announced a quarterly dividend increase from $0.62 to $0.68 per share on its common stocks, reflecting a split-adjusted basis of $0.34 due to a 2-for-1 stock split effective December 1, 2020. The dividend will be payable on January 11, 2021 to shareholders of record on December 31, 2020. This marks the 35th consecutive year of dividend increases, with the current amount double that of 2013.
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