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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 (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.
The Board of Directors of McCormick & Company has declared a quarterly dividend of $0.37 per share, payable on July 25, 2022, to shareholders of record as of July 11, 2022. This marks a 9% increase from the previous annual dividend of $1.36 per share. Notably, this is the 98th consecutive year of dividend payments by the company. McCormick, a leader in flavor, generates over $6 billion in annual sales across 170 countries, highlighting its strong presence and commitment to providing quality products.
McCormick & Company (NYSE: MKC) will host a conference call on June 29, 2022, at 8:00 a.m. Eastern Time, to discuss its second quarter fiscal 2022 results. Key executives, including Chairman & CEO Lawrence Kurzius and CFO Mike Smith, will be present. Investors can listen live via the company's investor relations website ir.mccormick.com. An audio replay will be available until July 20, 2022, using the conference ID 13730100.
McCormick & Company (NYSE: MKC) will participate in the 2022 Deutsche Bank dbAccess Global Consumer Conference on June 14, 2022, at 10:30 a.m. CEST / 4:30 a.m. EDT, in Paris, France. Presenting will be Lawrence Kurzius (Chairman, President & CEO), Mike Smith (Executive VP & CFO), and Brendan Foley (President, Global Consumer, Americas & Asia). The event will be available via live webcast on McCormick's website and archived for later access. As a leading flavor company with over $6 billion in annual sales, McCormick is committed to providing flavorful products worldwide.
McCormick & Company awarded two $40,000 scholarships to Maria Uben and Wesley Beckett, recognized as Unsung Heroes, during a virtual event on May 10, 2022. This year, a total of $105,000 in scholarships was given to deserving student-athletes. McCormick's Unsung Heroes program, founded in 1940, honors those who contribute significantly to their teams without recognition. The company has awarded over $2 million in scholarships to date. McCormick, a global leader in flavor with $6 billion in annual sales, remains committed to supporting educational initiatives.
McCormick & Company (NYSE: MKC) will hold its 82nd annual Unsung Heroes Awards Ceremony virtually on May 9, 2022. The company has awarded over $2 million in scholarships to deserving student-athletes. This year, 98 high school seniors from 62 schools in the Baltimore area have been nominated. Two scholarships worth $40,000 each over four years will be awarded, along with additional $7,500 and $5,000 scholarships, totaling $105,000. Former volleyball player Victoria Garrick will keynote the event, emphasizing the importance of recognizing unheralded student-athletes.
McCormick & Company, a global leader in flavor, announced the appointment of Brendan Foley as Chief Operating Officer and President, effective June 1, 2022. In his new role, he will oversee all business units and the worldwide supply chain. Foley joined McCormick in 2014 and has significantly contributed to the company's growth, previously holding key positions, including President Global Consumer, Americas, and Asia. McCormick, established in 1889, generates over $6 billion in annual sales in 170 countries.
McCormick & Company (NYSE: MKC) has declared a quarterly dividend of $0.37 per share, payable on April 25, 2022, for shareholders of record as of April 11, 2022. This represents a 9% increase from the $1.36 annual dividend in 2021, bringing the annualized rate to $1.48. The company celebrates its 98th consecutive year of dividend payments, underscoring its commitment to returning income to shareholders.
McCormick reported a 3% sales increase for Q1 2022, with constant currency growth of 4%. Operating income fell to $207 million from $236 million YoY. The company also saw a decrease in adjusted EPS to $0.63 from $0.72. The decline in profit was largely due to higher inflation and supply chain challenges. However, McCormick maintains its fiscal outlook, projecting 3% to 5% sales growth and earnings per share of $3.07 to $3.12 for 2022, driven by brand marketing and pricing strategies.
On March 11, 2022, McCormick & Company (NYSE: MKC) announced the suspension of its operations in Russia as part of its response to the ongoing conflict in Ukraine. The company had previously halted all advertising and investments in Russia. Additionally, McCormick has paused operations in Ukraine, prioritizing employee safety. To support humanitarian efforts, McCormick is collaborating with the Polish Center for International Aid and the World Central Kitchen.
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