Mccormick & Co Stock Price, News & Analysis

McCormick & Company (NYSE: MKC) announced that Lawrence E. Kurzius will step down as Executive Chairman on December 31, 2024, after eight years of service. He will remain on the Board but won't seek re-election in March 2025. Brendan Foley, current President and CEO, will succeed Kurzius as Chairman effective January 1, 2025, while maintaining his existing responsibilities.

Foley, who joined McCormick 10 years ago, has held various leadership positions including President U.S. Consumer, President North America, and President Global Consumer. He previously worked at H.J. Heinz and General Mills.

McCormick (NYSE: MKC) announced a quarterly dividend increase from $0.42 to $0.45 per share, payable January 13, 2025 to shareholders of record December 30, 2024. This marks the company's 101st year of continuous dividend payments and 39th consecutive year of dividend increases. The company, recognized as a Dividend Aristocrat, has maintained dividend payments since 1925, demonstrating its commitment to returning value to shareholders.

McCormick & Company (NYSE: MKC) held an Investor Day at its Global Headquarters, where it reaffirmed its 2024 outlook and shared long-term growth objectives through 2028. The company expects to achieve the mid to high-end of its projected Net Sales growth range and the high-end of adjusted earnings per share range for 2024. Looking ahead to 2028, McCormick targets annual Net Sales of at least $8 billion, with long-term growth objectives of 4-6% for Net Sales, 7-9% for Operating Income, and 9-11% for Earnings Per Share on a compound annual growth rate basis, excluding acquisitions.

McCormick & Company (NYSE: MKC), a global leader in flavor, has announced its upcoming Investor Day scheduled for Tuesday, October 22, 2024, at the company's Global Headquarters in Hunt Valley, Maryland. The event will feature presentations by President and CEO Brendan Foley and other members of McCormick's leadership team, who will discuss the company's long-term strategy and financial outlook.

The Investor Day presentations are set to begin at 8:30 a.m. ET and conclude by 11:30 a.m. ET. While in-person attendance is by invitation only, the event will be webcast live on McCormick's Investor Relations website at ir.mccormick.com. For those unable to attend or watch live, a replay of the webcast and presentation materials will be made available on the same website following the event.

McCormick reported comparable sales and improved earnings for Q3 2024. Key highlights:

- Sales were flat year-over-year, with 1% volume growth offset by pricing

- Operating income increased to $287 million from $245 million last year

- Adjusted EPS rose to $0.83 from $0.65 last year

- Consumer segment saw 1% volume growth, while Flavor Solutions had sequential improvement

- Gross margin expanded 170 basis points

- Company reaffirmed 2024 sales and operating profit outlook, raised EPS guidance

- Expects FY2024 sales growth of -1% to 1% and adjusted operating income growth of 4-6%

- Projecting FY2024 adjusted EPS of $2.85-$2.90, up 5-7% year-over-year

McCormick & Company (NYSE:MKC) has declared a quarterly dividend of $0.42 per share on its common stocks. The dividend will be payable on October 21, 2024 to shareholders of record as of October 7, 2024. This announcement marks a significant milestone for the company, as it represents the 100th year of consecutive dividend payments.

The declaration of this dividend demonstrates McCormick's commitment to providing consistent returns to its shareholders and highlights the company's long-standing financial stability. The continuation of dividend payments for a century underscores McCormick's resilience and ability to generate consistent cash flow over an extended period.

McCormick & Company (NYSE: MKC), a global leader in flavor, has announced its upcoming third quarter 2024 financial results conference call and webcast. The event is scheduled for Tuesday, October 1, 2024, at 8:00 a.m. Eastern Time. Key executives, including President & CEO Brendan Foley and CFO Mike Smith, will host the call. Investors and interested parties can access the live audio webcast and presentation materials on the company's investor relations website. For those unable to attend, an audio replay will be available until October 22, 2024, accessible via phone using specific conference ID numbers. This announcement highlights McCormick's commitment to transparency and shareholder communication.

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.