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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 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.
McCormick & Company (NYSE: MKC) has completed the acquisition of Cholula Hot Sauce for $800 million, enhancing its portfolio in the hot sauce category. The deal, initially announced on November 24, 2020, will be funded through cash and commercial paper. McCormick anticipates that the acquisition will dilute earnings per share (EPS) in fiscal years 2020 and 2021 but is expected to be accretive to adjusted EPS in 2021. The company aims to leverage its operational expertise to drive growth for Cholula.
McCormick & Company (NYSE: MKC) announced it received an unsolicited mini-tender offer from TRC Capital Investment Corporation to buy up to 750,000 shares at $176.38 each, 4.46% below its closing price on November 13, 2020. McCormick advises stockholders not to tender their shares, highlighting that the offer lacks necessary protections of larger tender offers and is below market value. The SEC warns investors about mini-tender offers that may exploit price discrepancies. McCormick emphasizes the importance of consulting brokers for current share prices and exercising caution regarding this unsolicited offer.
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.