Mccormick & Co Stock Price, News & Analysis

McCormick & Company (NYSE: MKC) has released its 2022 Purpose-led Performance Progress Report, underlining its commitment to sustainable practices and positive community impact. Key achievements include:

• Increased resilience for over 31,000 farmers, aiming for 35,000 by 2025.
• Over 84% of top five branded ingredients sustainably sourced, nearing 100% for Red Pepper and Vanilla.
• Reduction of Scope 1 & 2 emissions by 40% and Scope 3 emissions by 20% since 2020, with a new goal of a 42% reduction by 2030.

McCormick has been recognized in various sustainability indices, ranking 22nd on the Corporate Knights Global 100 Sustainability Index. Its commitments include enhancing diversity in leadership and transitioning to renewable energy sources.

On March 29, 2023, McCormick & Company (NYSE:MKC) announced a quarterly dividend of $0.39 per share, payable on April 24, 2023, to shareholders of record as of April 10, 2023. This marks a 5% increase from the previous annual dividend of $1.48 per share in 2022, resulting in an annualized dividend rate of $1.56 per share. This declaration signifies the 99th consecutive year of dividend payments by the company, which generates over $6 billion in annual sales worldwide, delivering flavor products across 170 countries.

McCormick & Company (NYSE:MKC) reported a 3% increase in sales for the first quarter of 2023, reaching $1.57 billion. Adjusted operating income remained steady at $227 million, with earnings per share decreasing to $0.52 from $0.57 year-over-year. The company reaffirmed its fiscal year 2023 outlook, expecting sales growth of 5% to 7% and adjusted earnings per share between $2.56 and $2.61. Factors affecting growth included a 2% decline in volume due to the divestiture of Kitchen Basics and reduced consumption in China amid COVID disruptions. Notably, operating income declined due to increased costs, although gross margin improvements were realized through cost-saving programs.

McCormick & Company (NYSE: MKC) will host a conference call on March 28, 2023, at 8:00 a.m. Eastern Time, to discuss its first quarter 2023 financial results. Key executives including CEO Lawrence Kurzius and CFO Mike Smith will lead the call. Interested parties can access a live audio webcast at ir.mccormick.com. For those unable to attend, an archive will be available, with a replay accessible via phone until April 17, 2023. McCormick reported annual sales exceeding $6 billion, offering a diverse range of flavor products globally.

McCormick & Company (NYSE: MKC) will present at the Consumer Analyst Group of New York (CAGNY) Conference on February 21, 2023, at 4:00 p.m. ET. The presentation will feature key executives including Lawrence Kurzius (Chairman & CEO), Brendan Foley (President & COO), and Mike Smith (EVP & CFO). It will be available live on the company's website, and a replay will follow. McCormick is a global leader in flavor with over $6 billion in annual sales, supplying a wide range of spices and condiments worldwide. Founded in 1889 and based in Hunt Valley, Maryland, McCormick aims to unite the world through flavor.

McCormick reported a 1% increase in fiscal year 2022 sales, with a 3% growth in constant currency. Earnings per share (EPS) fell to $2.52 from $2.80 in 2021. The fourth quarter saw a 2% sales decline, with EPS at $0.69, down from $0.73. For 2023, McCormick expects sales growth of 5%-7% and a 10%-12% rise in operating income. Chairman Lawrence Kurzius highlighted challenges from cost inflation and COVID disruptions, particularly in China. However, consumer consumption trends showed strength, particularly in the U.S., which positions McCormick for sustainable growth.