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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) announced a quarterly dividend increase from $0.37 to $0.39 per share, effective January 9, 2023, for shareholders on record as of December 30, 2022. This marks the 37th consecutive year the company has raised its dividend. Chairman & CEO, Lawrence E. Kurzius, highlighted the company's commitment to shareholder value and its status as a Dividend Aristocrat. McCormick has distributed dividends annually since 1925, showcasing a strong track record in returning cash to shareholders.
McCormick & Company (NYSE: MKC) announced the retirement of Lisa Manzone, Senior Vice President of Human Relations, effective December 31, 2022. With 15 years at the company, she played a pivotal role in enhancing HR strategies and promoting diversity and employee wellbeing. Lawrence E. Kurzius, Chairman and CEO, praised her contributions to McCormick's culture and leadership. McCormick, a leader in flavor with over $6 billion in sales, remains committed to its purpose of promoting healthy, sustainable flavor worldwide.
McCormick & Company (NYSE: MKC) was recognized on Fortune's 2022 Change the World list for its significant social and environmental impact through core business strategies. CEO Lawrence E. Kurzius emphasized the importance of the Purpose-led Performance agenda, which includes aims to enhance farmer livelihoods and sustainable agriculture. The company has reached nearly 23,000 smallholder farmers and supports renewable energy projects. This recognition underscores McCormick’s commitment to social impact and innovation while achieving measurable business results.
McCormick & Company (NYSE: MKC) reported a 3% sales increase in Q3 2022, with a 6% rise in constant currency, primarily driven by growth in the Consumer and Flavor Solutions segments. Operating income was $235 million, down from $265 million, while earnings per share increased to $0.82 from $0.79. The company reaffirmed its 2022 outlook, expecting sales growth of 3% to 5% in constant currency, despite challenges from supply chain issues and inflation. Costs from divestitures and special charges may impact overall performance, though long-term growth remains a focus.
The Board of Directors of McCormick & Company declared a quarterly dividend of $0.37 per share, payable on October 25, 2022, to shareholders of record on October 11, 2022. This dividend reflects a 9% increase over the previous year, with an annualized rate of $1.48 per share. This marks the company's 98th consecutive year of paying dividends. McCormick, a leader in flavor solutions with over $6 billion in annual sales, remains committed to sustainability and delivering quality products worldwide.
On September 7, 2022, McCormick & Company (NYSE: MKC) announced preliminary financial results for Q3 2022, with sales up approximately 3% year-over-year. In constant currency, sales are expected to rise by 6%, driven by their Consumer and Flavor Solutions segments. However, Q3 operating income is projected at $223 million, down from $265 million in 2021, with adjusted earnings per share anticipated to be $0.65, compared to $0.80 last year. McCormick also updated their 2022 outlook, forecasting sales growth of 0-2%, impacted by currency fluctuations and rising costs.
McCormick & Company (NYSE: MKC) will host a conference call on October 6, 2022, at 8:00 a.m. ET to discuss its third quarter 2022 financial results. Key executives including Lawrence Kurzius (Chairman & CEO), Brendan Foley (President & COO), Mike Smith (CFO), and Kasey Jenkins (Chief Strategy Officer) will lead the discussion. A live audio webcast and presentation materials will be accessible on McCormick's investor relations website. The replay will be available until October 27, 2022.
McCormick & Company (NYSE: MKC) will participate in the Barclays Global Consumer Staples Conference on September 8, 2022, at 11:15 a.m. EDT. Key representatives include Lawrence Kurzius (Chairman & CEO), Brendan Foley (President & COO), and Mike Smith (EVP & CFO). A live audio webcast will be accessible on the company’s website, with an archived version available later. McCormick is a global leader in flavor with over $6 billion in annual sales across 170 countries.
McCormick & Company (NYSE: MKC) announced that its emission reduction targets have been approved by the Science Based Targets Initiative (SBTi), aligning with the Paris Agreement. The company achieved its 2025 greenhouse gas commitments four years early and has increased its goal to reduce absolute scope 1, 2, and 3 emissions by 42% by 2030. This validation highlights McCormick's commitment to sustainability and achieving Net Zero by 2050, reinforcing its role in promoting a sustainable future.
McCormick (NYSE: MKC) reported a 1% sales decline for Q2 2022, with operating income down to $157 million from $237 million YoY. Earnings per share fell to $0.44, compared to $0.68 in the previous year. Adjusted earnings were $0.48 versus $0.69. The company faced challenges from inflation, COVID-related lockdowns in China, and the conflict in Ukraine, which impacted results. McCormick updated its 2022 outlook, projecting 3-5% sales growth, and adjusted EPS between $2.89 and $2.94. The business remains confident in its long-term growth despite current pressures.
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