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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) 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.
McCormick & Company (NYSE: MKC) will host a conference call on March 29, 2022, at 8:00 a.m. Eastern Time to discuss its first quarter 2022 financial results. Key executives including Lawrence Kurzius and Mike Smith will present during the call. Interested parties can access the live webcast on the company's investor relations page. A replay will be available until April 19, 2022, by calling 877-660-6853 in the U.S. McCormick is a leader in flavor with over $6 billion in annual sales.
McCormick & Company (NYSE: MKC) will present at the Consumer Analyst Group of New York (CAGNY) Conference on February 23, 2022, at 4:10 p.m. ET. The presentation will feature Lawrence Kurzius, Chairman, President & CEO, and Mike Smith, Executive VP & CFO. Investors can access the live webcast at ir.mccormick.com. An archived version will also be available post-presentation. McCormick, a leading flavor company with over $6 billion in annual sales, operates in 170 countries.
McCormick reported strong financial results for the fourth quarter and fiscal year ended November 30, 2021. Sales rose 13% year-over-year, with a constant currency growth of 11%. Q4 sales increased by 11%, though earnings per share dipped slightly to $0.73. Adjusted EPS for Q4 rose 6% to $0.84. For 2022, McCormick anticipates sales growth of 3%-5% and EPS between $3.07-$3.12, despite a higher tax rate. The company is well-positioned for growth driven by its strategic initiatives and consumer behavior adaptation.
McCormick & Company (NYSE: MKC) will host a conference call on January 27, 2022, at 8:00 a.m. ET, to discuss its fourth quarter fiscal 2021 results. Participants will include Chairman and CEO Lawrence Kurzius, CFO Mike Smith, and SVP Kasey Jenkins. The call can be accessed via ir.mccormick.com and will be archived post-event. McCormick, a leader in flavor, boasts over $5 billion in annual sales across 160 countries, known for brands such as McCormick, French's, and Frank's RedHot.
McCormick & Company (NYSE: MKC) has announced a quarterly dividend increase from $0.34 to $0.37 per share, effective January 10, 2022. This marks the company's 36th consecutive year of dividend increases, and the dividend amount is now double what was paid in 2014. The record date for this dividend is December 31, 2021. McCormick has a long history of paying dividends, having done so since 1925, showcasing its commitment to returning value to shareholders.
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