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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 has announced a quarterly dividend of $0.42 per share, continuing its 100-year tradition of consistent dividend payments. The dividend will be paid on July 22, 2024, to shareholders who are on record as of July 8, 2024. This declaration underscores McCormick's ongoing commitment to returning value to shareholders.
McCormick & Company has released its 2023 Purpose-led Performance (PLP) Progress Report, highlighting its advancements towards sustainability and corporate responsibility goals. Key achievements include the validation of their Net-Zero by 2050 goal, sustainable sourcing of 91% of their top five branded ingredients, and positively impacting over 44,500 smallholder farmers. The report also notes significant strides in diversity, with 45% of global leadership positions held by women and 26% of U.S. leadership roles held by ethnically diverse talent. McCormick emphasizes the alignment of these efforts with their long-term business strategies and financial performance.
McCormick & Company (NYSE: MKC) will report its 2024 second quarter financial results on June 27, 2024, at 8:00 a.m. Eastern Time. The conference call and webcast will be hosted by President & CEO Brendan Foley, CFO Mike Smith, and VP of Investor Relations Faten Freiha. A live audio webcast and presentation materials will be accessible on the McCormick website. An audio replay will be available until July 18, 2024, using conference ID 13746036 at 877-660-6853 (US) or 201-612-7415 (international).
McCormick announced the appointment of Valarie Sheppard to its Board of Directors, effective June 1, 2024. Ms. Sheppard, a retired EVP, Controller, and Treasurer of Procter & Gamble, brings over 35 years of experience in finance and accounting.
She has expertise in capital deployment, asset management, business process reengineering, acquisitions, divestitures, and compliance. Her career includes leading global finance operations in over 65 countries and integrating Gillette, P&G's largest acquisition.
Ms. Sheppard has board experience with Sovos Brands, Innovation International Acquisition , Anixter International, and Ibotta. With her appointment, McCormick's board will consist of 13 directors, 11 of whom are independent.
McCormick's President and CEO, Brendan Foley, praised her broad CPG industry knowledge as vital for the company's strategy and governance.
McCormick & Company (NYSE: MKC), a global leader in flavor, will participate in Deutsche Bank's annual dbAccess Global Consumer Conference on June 4, 2024, at 9:15 AM CEST. Representing McCormick will be President & CEO Brendan Foley and Executive Vice President & CFO Mike Smith. A live audio webcast will be available via the McCormick website, with a replay accessible post-event.
McCormick & Company awarded $105,000 in scholarships to six student-athletes during their 2024 Unsung Heroes event. Alivia White from Patapsco High School and Akintomiwa David Are from Owings Mills High School each received $40,000 Charles Perry McCormick Scholarships. Four other students received additional scholarships ranging from $5,000 to $7,500. The event celebrated 99 student-athletes for their commitment to unselfish team play. Keynote speaker Kyle Hamilton, Baltimore Ravens Safety, shared his inspiring journey during the ceremony.
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