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McCormick & Company, Incorporated reports developments in its global flavor business, which manufactures, markets and distributes herbs, spices, seasonings, condiments and flavors for retailers, food manufacturers and foodservice customers. Its portfolio includes brands such as McCormick, French's, Frank's RedHot, OLD BAY, Zatarain's, Cholula, Lawry's, Stubb's and Thai Kitchen, with operations organized around Consumer and Flavor Solutions.
Recurring McCormick news includes quarterly and annual operating results, sales and margin commentary, outlook updates, dividend declarations, analyst and investor presentations, brand investment, innovation, distribution activity, portfolio review and capital-structure matters.
McCormick & Company (NYSE: MKC) will host its 81st annual Unsung Heroes Awards on May 3, 2021, recognizing 100 student-athletes from the Baltimore area. Over the years, the company has awarded $1.9 million in scholarships, with $105,000 to be distributed at this event. Keynote speaker Ed Reed, a former NFL star, will address honorees. The virtual format is in response to COVID-19 concerns, ensuring safety while allowing participants to celebrate from home.
The Board of Directors of McCormick & Company (NYSE:MKC) has declared a quarterly dividend of $0.34 per share, payable on April 26, 2021. Shareholders of record by April 12, 2021 will receive this payment. This dividend reflects a 10% increase from the previous year’s annual dividend of $1.24 per share, marking the 97th year of consecutive dividend payments.
McCormick, a leader in flavor products with over $5 billion in sales, operates globally, offering various brands including McCormick, French's, and Frank's RedHot.
McCormick & Company (NYSE: MKC) reported a 22% sales increase in Q1 2021, driven by strong performance in Consumer and Flavor Solutions segments. Operating income rose to $236 million, with adjusted operating income growing 35% to $263 million. Adjusted EPS increased 33% to $0.72. The company also raised its 2021 sales forecast to 8%-10% growth, citing trends such as cooking at home and digital engagement. Despite transaction costs from recent acquisitions, McCormick remains optimistic about future growth and profitability, supported by a resilient supply chain.
McCormick & Company (NYSE: MKC) will present its first quarter 2021 financial results on March 30, 2021, at 8:00 a.m. Eastern Time. The conference call will be hosted by Lawrence Kurzius, CEO, alongside Mike Smith, CFO, and Kasey Jenkins, VP of Investor Relations. Investors can access the live webcast and presentation materials at ir.mccormick.com. A replay will be available until April 20, 2021, at midnight Eastern Time.
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McCormick reported a 5% sales increase for fiscal year 2020, totaling $6.60 billion, driven by a 10% growth in its Consumer segment despite a decline in Flavor Solutions. Earnings per share rose to $2.78, with adjusted EPS increasing 6% to $2.83. For Q4 2020, sales also increased by 5%, but EPS fell to $0.74 due to higher marketing investments. The company expects 2021 sales growth of 7% to 9% with a projected EPS of $2.71 to $2.76. Cash flow from operations hit a record $1 billion, and a 10% dividend increase was authorized, marking 35 consecutive years of increases.
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McCormick & Company (NYSE: MKC) will host a conference call on January 28, 2021, at 8:00 a.m. Eastern time to discuss its fourth quarter 2020 financial results. Chairman, President & CEO Lawrence Kurzius, EVP & CFO Mike Smith, and VP of Investor Relations Kasey Jenkins will lead the call. Investors can join via the company’s website. A replay will be available until February 18, 2021. McCormick reported over $5 billion in annual sales across 160 countries, emphasizing their commitment to flavor and sustainability.
McCormick & Company (NYSE: MKC) announced the acquisition of FONA International for $710 million in cash. FONA is a major manufacturer of clean and natural flavors, with annual sales of approximately $114 million. This acquisition will enhance McCormick's flavor portfolio, expand its technology platform, and strengthen its capabilities in health and wellness. McCormick expects this strategic move to be accretive to gross margin and enhance shareholder value, aligning with its goal of leading in flavor innovation.
L Catterton has finalized the sale of Cholula, a prominent hot sauce producer, to McCormick & Company (NYSE: MKC) for $800 million. This transaction marks the conclusion of their partnership with Cholula, which has been positioned well for growth under McCormick's management. Morgan Stanley acted as the lead financial advisor for Cholula, with support from Houlihan Lokey and Kirkland & Ellis as legal advisors for L Catterton. Cholula, known for its unique blend of spices and peppers, has a rich history since its U.S. introduction in 1989, now offering six sauce varieties worldwide.