McCormick & Company, Incorporated Non-VTG CS - MKC STOCK NEWS

McCormick & Company (NYSE: MKC), a global leader in flavor, has announced its participation in the Barclays Global Consumer Staples Conference on September 3, 2024, at 1:30 p.m. ET. Brendan Foley (President & CEO), Mike Smith (Executive Vice President & CFO), and Marcos Gabriel (Senior Vice President Global Finance & Capital Markets and Incoming CFO) will represent the company at the event.

A live audio webcast of McCormick's session will be accessible through the company's investor relations website, ir.mccormick.com. For those unable to attend the live event, a replay will be made available on the same website following the conference. This participation provides an opportunity for investors and analysts to gain insights into McCormick's business strategies and financial outlook.

McCormick reported a 1% decline in sales for Q2 2024 compared to the prior year, with Consumer segment growth offset by declines in Flavor Solutions. Operating income rose to $234 million, up from $222 million, with adjusted operating income steady at $236 million. EPS increased from $0.56 to $0.68, with adjusted EPS at $0.69 compared to $0.60. The company reaffirmed its 2024 fiscal outlook, projecting up to 1% sales growth, 8-10% operating income growth, and adjusted EPS in the range of $2.80-$2.85. Gross profit margin expanded by 60 basis points due to cost savings. Cash flow from operations fell to $302 million from $394 million due to higher incentive and tax payments.

McCormick & Company announced Marcos Gabriel's promotion to Executive Vice President and Chief Financial Officer (CFO), effective December 1, 2024. Mike Smith, the current CFO, serving since 2016, will retire on February 28, 2025, after significantly contributing to McCormick's growth, including a sales increase of over 50% and the acquisition of iconic brands like Frank's RedHot and Cholula. Gabriel, with over 25 years of experience in the Consumer Products industry, joined McCormick in 2017 and has held senior roles, including CFO, Americas, and Chief Transformation Officer. His expertise in finance and digital transformation is expected to drive McCormick's long-term growth.

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.