Mccormick & Co Stock Price, News & Analysis

McCormick & Company (NYSE: MKC) was recognized on Fortune's 2022 Change the World list for its significant social and environmental impact through core business strategies. CEO Lawrence E. Kurzius emphasized the importance of the Purpose-led Performance agenda, which includes aims to enhance farmer livelihoods and sustainable agriculture. The company has reached nearly 23,000 smallholder farmers and supports renewable energy projects. This recognition underscores McCormick’s commitment to social impact and innovation while achieving measurable business results.

McCormick & Company (NYSE: MKC) reported a 3% sales increase in Q3 2022, with a 6% rise in constant currency, primarily driven by growth in the Consumer and Flavor Solutions segments. Operating income was $235 million, down from $265 million, while earnings per share increased to $0.82 from $0.79. The company reaffirmed its 2022 outlook, expecting sales growth of 3% to 5% in constant currency, despite challenges from supply chain issues and inflation. Costs from divestitures and special charges may impact overall performance, though long-term growth remains a focus.

The Board of Directors of McCormick & Company declared a quarterly dividend of $0.37 per share, payable on October 25, 2022, to shareholders of record on October 11, 2022. This dividend reflects a 9% increase over the previous year, with an annualized rate of $1.48 per share. This marks the company's 98th consecutive year of paying dividends. McCormick, a leader in flavor solutions with over $6 billion in annual sales, remains committed to sustainability and delivering quality products worldwide.

On September 7, 2022, McCormick & Company (NYSE: MKC) announced preliminary financial results for Q3 2022, with sales up approximately 3% year-over-year. In constant currency, sales are expected to rise by 6%, driven by their Consumer and Flavor Solutions segments. However, Q3 operating income is projected at $223 million, down from $265 million in 2021, with adjusted earnings per share anticipated to be $0.65, compared to $0.80 last year. McCormick also updated their 2022 outlook, forecasting sales growth of 0-2%, impacted by currency fluctuations and rising costs.

McCormick & Company (NYSE: MKC) will host a conference call on October 6, 2022, at 8:00 a.m. ET to discuss its third quarter 2022 financial results. Key executives including Lawrence Kurzius (Chairman & CEO), Brendan Foley (President & COO), Mike Smith (CFO), and Kasey Jenkins (Chief Strategy Officer) will lead the discussion. A live audio webcast and presentation materials will be accessible on McCormick's investor relations website. The replay will be available until October 27, 2022.

McCormick & Company (NYSE: MKC) will participate in the Barclays Global Consumer Staples Conference on September 8, 2022, at 11:15 a.m. EDT. Key representatives include Lawrence Kurzius (Chairman & CEO), Brendan Foley (President & COO), and Mike Smith (EVP & CFO). A live audio webcast will be accessible on the company’s website, with an archived version available later. McCormick is a global leader in flavor with over $6 billion in annual sales across 170 countries.

McCormick & Company (NYSE: MKC) announced that its emission reduction targets have been approved by the Science Based Targets Initiative (SBTi), aligning with the Paris Agreement. The company achieved its 2025 greenhouse gas commitments four years early and has increased its goal to reduce absolute scope 1, 2, and 3 emissions by 42% by 2030. This validation highlights McCormick's commitment to sustainability and achieving Net Zero by 2050, reinforcing its role in promoting a sustainable future.

McCormick (NYSE: MKC) reported a 1% sales decline for Q2 2022, with operating income down to $157 million from $237 million YoY. Earnings per share fell to $0.44, compared to $0.68 in the previous year. Adjusted earnings were $0.48 versus $0.69. The company faced challenges from inflation, COVID-related lockdowns in China, and the conflict in Ukraine, which impacted results. McCormick updated its 2022 outlook, projecting 3-5% sales growth, and adjusted EPS between $2.89 and $2.94. The business remains confident in its long-term growth despite current pressures.

The Board of Directors of McCormick & Company has declared a quarterly dividend of $0.37 per share, payable on July 25, 2022, to shareholders of record as of July 11, 2022. This marks a 9% increase from the previous annual dividend of $1.36 per share. Notably, this is the 98th consecutive year of dividend payments by the company. McCormick, a leader in flavor, generates over $6 billion in annual sales across 170 countries, highlighting its strong presence and commitment to providing quality products.