Mccormick & Co Stock Price, News & Analysis

L Catterton has announced the sale of Cholula, a hot sauce producer, to McCormick & Company (MKC) for $800 million. The deal, subject to customary closing conditions, comes after L Catterton transformed Cholula since its acquisition in April 2019, enhancing market share and consumer loyalty. Cholula achieved over 50% growth in household penetration during this period. Both companies express excitement over future growth as Cholula joins the McCormick family, leveraging its global resources and operational expertise.

On November 24, 2020, McCormick (NYSE: MKC) announced its agreement to acquire Cholula Hot Sauce for $800 million in cash. This acquisition aims to enhance McCormick's condiment platform and capitalize on the growing hot sauce market, which is experiencing high growth. Cholula, with estimated annual net sales of $96 million, is expected to grow in the mid-to-high single digits. McCormick plans to leverage its operational expertise to enhance Cholula's brand awareness and distribution, potentially driving long-term shareholder value.

The Board of Directors of McCormick & Company announced a quarterly dividend increase from $0.62 to $0.68 per share on its common stocks, reflecting a split-adjusted basis of $0.34 due to a 2-for-1 stock split effective December 1, 2020. The dividend will be payable on January 11, 2021 to shareholders of record on December 31, 2020. This marks the 35th consecutive year of dividend increases, with the current amount double that of 2013.

McCormick & Company (NYSE: MKC) has chosen Tradepoint Atlantic Industrial Park in Sparrows Point, Maryland, for its new Northeast Distribution Center. The facility will span 1.8 million square feet, significantly boosting capacity to meet rising demand in the Americas. Expected to open in late 2022, it will consolidate multiple warehouses and utilize advanced technology for enhanced productivity. This expansion underscores McCormick's commitment to local economic growth and job creation while optimizing its distribution network.

McCormick reported strong Q3 2020 results with an 8% sales rise, driven primarily by a 15% increase in the consumer segment, as customers opted for cooking at home during the pandemic. Operating income reached $273 million, up from $254 million year-over-year. Adjusted earnings per share increased to $1.53, reflecting a 5% growth. The company resumed its fiscal 2020 guidance, expecting sales growth at the upper end of 4%-5%. Additionally, a 2-for-1 stock split was approved for shareholders on November 20, 2020, signaling confidence in future growth.

McCormick & Company, Incorporated (NYSE:MKC) has declared a quarterly dividend of $0.62 per share, payable on October 19, 2020 to shareholders recorded by October 5, 2020. This marks a 9% increase from last year's annual dividend of $2.28, bringing the current annualized rate to $2.48 per share. This declaration marks the 96th consecutive year of dividend payments by the company, which operates with over $5 billion in annual sales across 150 countries, offering various popular brands.

McCormick & Company (NYSE: MKC) is set to host a conference call to discuss its third quarter fiscal 2020 results on September 29, 2020, at 8:00 a.m. Eastern time. The call will be led by Chairman, President & CEO Lawrence Kurzius, CFO Mike Smith, and VP of Investor Relations Kasey Jenkins. Live access will be available on ir.mccormick.com, with an audio replay option until October 20, 2020. McCormick, headquartered in Hunt Valley, Maryland, reported over $5 billion in annual sales globally.

McCormick & Company (NYSE: MKC) will participate in a fireside chat at the Barclays Global Consumer Staples Conference on September 8, 2020, at 4:00 p.m. ET. The chat will feature Lawrence Kurzius, Chairman, President & CEO, and Mike Smith, Executive Vice President & CFO. The event can be accessed live via McCormick's website. An archived version will also be available post-event. McCormick is a global leader in flavor, generating over $5 billion in annual sales across 150 countries.

McCormick (MKC) reported strong financial results for Q2 2020, with an 8% sales rise year-over-year. Adjusted earnings per share (EPS) increased 27% to $1.47, while operating income grew 21% to $260 million. The consumer segment surged 26% due to increased home cooking amid the COVID-19 pandemic, although flavor solutions sales declined by 18% due to decreased demand from foodservice customers. McCormick remains committed to long-term goals and plans to navigate ongoing market uncertainties while maintaining cash flow strength.