… The company is continuing to drive sales growth balanced with its focus on lowering costs to sustainably realize long-term earnings growth. Ranking Top30 ! Investors | McCormick & Company, Inc. McCORMICK — A GLOBAL LEADER IN FLAVOR With $5.3 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry. Gross profit margin increased 120 basis points versus the year-ago period, driven by cost savings which were led by the Comprehensive Continuous Improvement (CCI) program. McCormick & Co. Dividend policy Active Price as of: JAN 20, 02:00 PM EDT $91.75 -1.26 -1.35% MKC: NYSE (Stock) McCormick & Co. Dividend policy Active Price as of: JAN 20, 02:00 PM EDT $91.75 -1.26 -1.35% MKC: NYSE (Stock) McCormick & Co. Dividend policy Active Price as of: JAN 20, 02:00 PM EDT $91.75 -1.26 -1.35% Watchlist Overview. In this role, he leads Controllership, Financial Accounting and Reporting, Tax, Treasury, Investor Relations, Financial Planning and Analysis, Global Business Improvement, Risk and Internal Audit for the company. We recorded an additional net income tax benefit of $1.5 million during the year ended November 30, 2019 associated with a provision-to-return adjustment related to the U.S. Tax Act. The search features help you find what you need, and the print features yield … Skip to main content » McCormick & Company 2019 Annual Report ... Investor Home. In constant currency, consumer operating income also increased 1%. FOR IMMEDIATE RELEASE McCormick names Smith Vice President Treasury and Investor Relations SPARKS, MD, February 3, 2012 - Michael R. Smith has been ... | November 29, 2020 For information contact: Corporate Communications: Lori Robinson (410) 527-6004 or lori_robinson@mccormick.com. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes, excluding transaction and integration expenses and special charges, or $272.0 million and $840.0 million for the three and twelve months ended November 30, 2019, respectively, and $261.7 million and $780.1 million for the three and twelve months ended November 30, 2018, respectively. McCormick & Company 2019 Annual Report. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends. Earnings per share was $1.59 in the fourth quarter of 2019 compared to $1.60 in the year-ago period. Excluding these impacts, adjusted earnings per share grew to $5.35 in 2019 compared to $4.97 in 2018, driven primarily by higher adjusted operating income, lower interest expense and higher income from unconsolidated operations. The company has plans to achieve approximately $105 million of cost savings and intends to use these savings to improve margins, fund investments to drive continued growth, and as a further offset to increased costs. Excluding these impacts, adjusted earnings per share was $1.61 in the fourth quarter of 2019 compared to $1.67 in the year-ago period. McCormick & Company has 12,400 employees at their 1 location and $5.35 B in annual revenue in FY 2019. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies because other companies may not calculate them in the same manner that we do. These statements may relate to: the expected results of operations of businesses acquired by the company, including the acquisition of RB Foods; the expected impact of costs and pricing actions on the company's results of operations and gross margins; the expected impact of productivity improvements, including those associated with our CCI program and global enablement initiative; expected working capital improvements; expectations regarding growth potential in various geographies and markets, including the impact from customer, channel, category, and e-commerce expansion; expected trends in net sales and earnings performance and other financial measures; the expected timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; the expected impact of the U.S. Tax Act enacted in December 2017; the expectations of pension and postretirement plan contributions and anticipated charges associated with such plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable the payments of interest and repayment of short- and long-term debt as well as quarterly dividends and the ability to issue additional debt or equity securities; and expectations regarding purchasing shares of McCormick's common stock under the existing repurchase authorizations. Through its growth strategies, the company is well-positioned to meet this increased consumer demand and drive sales of its broad flavor portfolio through brand marketing, new products and expanded distribution. We continued to fuel our growth investments through our strong cash flow and CCI program. Here's how McCormick puts our goals for global responsibility and supplier diversity to action. Transaction and integration expenses consist of expenses associated with the acquisition or integration of the RB Foods business. McCormick & Company has recommended that its shareholders reject the mini-tender offer from Canadian investment firm TRC Capital Investment Corporation. In fiscal 2018, the company recognized $23 million of transaction and integration expenses in operating income, related to the acquisition of our Frank's and French's brands. Lawrence E. Kurzius, Chairman, President and CEO, stated, "The breadth and reach of our global flavor portfolio continues to meet the demand for flavor around the world and creates a balanced portfolio to drive differentiated growth. Information and resources about the performance of Dun & Bradstreet. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. The company recorded $4 million of special charges in the fourth quarter of 2019 versus $2 million in the fourth quarter of 2018. Investors can expect McCormick to reinstate its stock buyback spending as it approaches that debt leverage target. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Along with these accomplishments, we are also making measurable progress towards our 2025 sustainability goals. Upon presentation of any such proposed action (including details with respect to estimated costs, expected benefits and expected timing) to the Management Committee and the Committee's advance approval, expenses associated with the approved action are classified as special charges upon recognition and monitored on an on-going basis through completion. 10 Best Stocks to Buy Today . More From The Motley Fool . McCormick & Company, Incorporated is a global leader in flavor. Flavor solutions segment sales grew 2% compared to the fourth quarter of 2018. The company recorded $21 million of special charges in 2019 related to organization and streamlining actions versus $16 million in 2018. While the historical EPS growth rate for McCormick is 12.2%, investors should actually focus on the projected growth. The company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry For information contact: Investor Relations: Kasey Jenkins (410) 771-7140 or kasey_jenkins@mccormick.com. Investor Relations:Kasey Jenkins (410) 771-7140 or kasey_jenkins@mccormick.com, Corporate Communications:Lori Robinson (410) 527-6004 or lori_robinson@mccormick.com, Selling, general and administrative expense, Income from consolidated operations before income taxes, Prepaid expenses and other current assets, Short-term borrowings and current portion of long-term debt, Total liabilities and shareholders' equity, Fourth Quarter Report                                                                                                               McCormick & Company, Incorporated. The company expects minimal impact from currency rates in 2020 on net sales, adjusted operating income and adjusted earnings per share. Find the latest dividend history for McCormick & Company, Incorporated Common Stock (MKC) at Nasdaq.com. The following table reconciles our net income to Adjusted EBITDA for the year ended November 30, 2019: Leverage ratio (Net debt/Adjusted EBITDA). Net cash provided by operating activities reached a record $947 million in 2019, an increase from $821 million in 2018. With our vision to bring the joy of flavor to life and our relentless focus on growth, performance, and people, we are confident our strategies will enable us to become even better positioned to drive future growth while we invest for the future and build value for our shareholders in 2020.". "The solid financial performance we delivered in 2019 was driven by our branded base business and new product growth in both of our segments, providing us with solid momentum heading into 2020. Compare. The Investor Relations website contains information about McCormick & Company, Inc.'s business for stockholders, potential investors, and financial analysts. We have designed this document for comfortable reading and easy navigation. This expansion was driven by CCI-led cost savings. The Investor Relations website contains information about McCormick & Company, Inc.'s business for stockholders, potential investors, and financial analysts. See insights on McCormick & Company including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. McCormick reported a 1% sales increase in 2019 compared to 2018, which included a 2% unfavorable impact from currency. Investor Relations Manger at McCormick Baltimore, Maryland Area 500+ connections. McCormick Brings the Joy of Flavor to Life™. Both segments contributed to the sales increase. Combine your data with Dun & Bradstreet Data Cloud data to create new analytical models that can give you a competitive edge. Past press releases and additional information can be found at this address. Excluding transaction and integration expenses as well as special charges, adjusted operating income grew 5% to $979 million compared to $930 million in the year-ago period, or 7% in constant currency. Join to Connect McCormick & Company. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe" and "plan." McCormick reported a 1% sales increase in the fourth quarter from the year-ago period, including a 1% unfavorable impact from currency. Investor Kit & Info Requests. Hunt Valley, MD 21031, Our Responsibility and Corporate Governance, McCormick & Company Ranked World's 6th Most Sustainable Corporation and No. These financial measures exclude the impact, as applicable, of the following: In our consolidated income statement, we include separate line items captioned "Special charges" and "Transaction and integration expenses" in arriving at our consolidated operating income. Special charges as well as an adjustment associated with the non-recurring impact of the U.S. tax legislation (U.S. Tax Act), lowered earnings per share by $0.07 in the fourth quarter of 2018. Cash Flow Growth. Connect with Joyce Brooks, VP Investor Relations, McCormick & Co. Inc, MD ,USA. Top50 ! For more information, visit www.mccormickcorporation.com. Towson University. E-mail Alerts . These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. The EMEA region's flavor solutions strong growth momentum continued with a fourth quarter sales increase versus the year-ago period of 2% and in constant currency, 5%. … A reconciliation of these non-GAAP financial measures to the related GAAP financial measures is provided below: Impact of transaction and integration expenses, Non-recurring (expense) benefit, net, of the U.S. Tax Act, Non-recurring expense (benefit), net, of the U.S. Tax Act, % (decrease) increase versus prior period, Non-recurring expense (benefit), net, of the U.S Tax Act. In constant currency, the company grew sales 3%. Excluding an estimated $0.05 impact of special charges in 2020, the company projects 2020 adjusted earnings per share to be in the range of $5.20 to $5.30 which is an expected decline of 3% to a decline of 1%. McCormick Brings the Joy of Flavor to Life™. The Board of Directors of McCormick & Company, Incorporated (NYSE: MKC) today declared an increase in the quarterly dividend from $0.62 to $0.68 … Fiscal year 2019 marks the eighth consecutive year of record cash flow from operations, as well as the 34th consecutive year of dividend increases. The company continues to generate strong cash flow. This increase was driven by higher sales and gross margin expansion, offset partially by higher planned brand marketing investments and additional incentive compensation expense driven in part by favorable non-operating income results. Operating income margin increased 110 basis points versus the year-ago period. Percentage changes in sales and adjusted operating income expressed in "constant currency" are presented excluding the impact of foreign currency exchange. McCormick & Company, Incorporated MKC is likely to register an increase in the top line when it reports fourth-quarter fiscal 2020 numbers on … The growth was driven by higher volume and product mix, attributable to both the base business and new products, as well as pricing. Excluding special charges, adjusted operating income grew 3% to $303 million compared to $294 million in the year-ago period, or a 4% increase in constant currency. By using the investor presentation, you will find growth stocks and preferred stocks. We deliver flavor across all markets and through all channels, while responding readily to changes in the fast-evolving food and beverage industry with new ideas, innovation and purpose. With $5.3 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry. 1 in Food on Corporate Knights 2021 Global 100 Sustainability Index, Q4 2020 McCormick & Company, Inc. Earnings Conference Call. At this same location, a replay of the call will be available following the live call. Results may be materially affected by factors such as: damage to the company's reputation or brand name; loss of brand relevance; increased private label use; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; business interruptions due to natural disasters or unexpected events; issues affecting the company's supply chain and raw materials, including fluctuations in the cost and availability of raw and packaging materials; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses, including the acquisition of RB Foods; global economic and financial conditions generally, including the pending exit of the U.K. from the European Union (Brexit), availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of increased level of debt service following the RB Foods acquisition as well as the effects that such increased debt service may have on the company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the company's information technology systems, including the threat of data breaches and cyber-attacks; the company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, regarding the U.S. Tax Act enacted on December 22, 2017 and volatility in our effective tax rate; climate change; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; and other risks described in the company's filings with the Securities and Exchange Commission. Apple Investor Relations Investor … Access all the information you need as an investor, including reports, presentations and financial statements. Hunt Valley, MD 21031, McCormick Reports 2019 Financial Results And Provides Outlook For 2020, http://www.prnewswire.com/news-releases/mccormick-reports-2019-financial-results-and-provides-outlook-for-2020-300994326.html. New products and growth in the base business across both the consumer and flavor solutions segments drove the increase. … Kasey A. Jenkins is Vice President, Investor Relations at McCormick & Co., Inc. View Kasey A. Jenkins’s professional profile on Relationship Science, the database of decision makers. While cash is the lifeblood of any business, higher-than-average cash flow growth is more important and … Adjustments to reconcile net income to net cash provided by operating activities: Noncash income tax benefit (related to enactment of the U.S. Tax Act), Special charges and transaction and integration expenses, Changes in operating assets and liabilities, Net cash flow provided by operating activities, Capital expenditures (including expenditures for capitalized software), Net cash flow used in investing activities, Taxes withheld and paid on employee stock awards, Net cash flow used in financing activities, Effect of exchange rate changes on cash and cash equivalents, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, View original content:http://www.prnewswire.com/news-releases/mccormick-reports-2019-financial-results-and-provides-outlook-for-2020-300994326.html, 24 Schilling Road Adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income and adjusted diluted earnings per share represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. McCormick has a longstanding tradition of making a … Adjusted operating income margin is calculated as adjusted operating income as a percentage of net sales for each period presented. The company's EPS is expected to grow 7.7% this year, crushing the industry average, which calls for EPS growth of 0.7%. In constant currency, sales rose 3% with increases in each of the company's three regions. The company expanded adjusted operating margin 80 basis points versus the year ago period. While the historical EPS growth rate for McCormick is 12.2%, investors should actually focus on the projected growth. HUNT VALLEY, Md., Jan. 28, 2020 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the fourth quarter and fiscal year ended November 30, 2019. Sales growth is also expected to include the impact of pricing, which in conjunction with cost savings, is expected to offset anticipated mid-single digit inflationary pressures. Those changes have been volatile over the past several years. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed "on a constant currency basis", is a non-GAAP measure. What Investors Should Focus on When McCormick Reports Earnings. In 2019, our performance was in line with our objectives and driven by the successful execution of our strategies and the engagement of our employees around the world. As previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. No Registration! D&B Analytics Studio . This expected range includes projected strong underlying base business growth of 5% to 7%, substantially offset by the 6% business transformation investment impact. Download [8.03 MB] Download [15.04 MB] Free! McCormick projects 2020 earnings per share to be in the range of $5.15 to $5.25, compared to $5.24 of earnings per share in 2019. Investor Relations Manager. This increase consists entirely of organic growth as the company has no incremental sales impact from acquisitions in 2020. McCormick & Company, Incorporated is a global leader in flavor, seasonings and spices. This increase was driven by higher sales and gross margin expansion as well as lapping prior year transaction and integration expenses from the acquisition of the Frank's and French's brands. Led by this program, we achieved $119 million in cost savings in 2019 and expanded our adjusted operating margin by 80 basis points. The year-over-year growth was driven by the favorable impact of higher sales and CCI-led cost savings, partially offset by a 7% increase in brand marketing as well as increased incentive compensation. We have realized $463 million in cost savings since 2016, which exceeded our four-year $400 million goal. The company grew sales, driven by new products and growth in the base business through brand marketing support and expanded distribution, with particular strength across our U.S. branded portfolio. The company expects strong underlying business performance driven by sales growth will continue in 2020, which will be more than offset by a significant incremental investment associated with business transformation and a higher projected effective tax rate. For fiscal year 2020, the company projects another year of strong cash flow, with plans to return a significant portion to McCormick's shareholders through dividends and to pay down debt. 19 June 2019, 3:28 pm. Learn about our culture and values, our leadership on sustainability and health and our commitment to corporate governance and social responsibility. Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. About Our Data. The unfavorable adjusted income tax rate was due to lower favorable discrete tax items recognized, including the impact of the exercise of stock options, in the fourth quarter of 2019 versus the corresponding 2018 period. Go to ir.mccormick.com and follow directions to listen to the call and access the accompanying presentation materials. "We delivered solid performance with growth in sales, adjusted operating income and adjusted earnings per share in 2019. Consumer segment operating income, excluding special charges, increased 1% to $227 million for the fourth quarter of 2019 compared to $226 million in the year-ago period. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results). McCormick expects continued global growth in consumer demand for great taste and healthy eating. Investor Relations: Kasey Jenkins (410) 771-7140 or kasey_jenkins@mccormick.com The strong operating cash flow was mainly driven by higher operating income and working capital improvements. Excluding the impact of special charges in 2020 and 2019, adjusted operating income is projected to be comparable to adjusted operating income of $979 million in 2019, within an expected range from a 1% decline to a 1% increase. To learn more, visit www.mccormickcorporation.com or follow McCormick & Company on Twitter, Instagram and LinkedIn. In constant currency, the company grew sales 2%. The decrease in adjusted earnings per share was driven by an unfavorable adjusted income tax rate which more than offset the increase in adjusted operating profit. In constant currency, operating income increased 12%. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. Partially offsetting this increase was higher incentive compensation expense driven in part by favorable non-operating income results. Flavor solutions segment operating income, excluding special charges, increased 11% to $76 million for the fourth quarter of 2019 compared to $69 million in the year-ago period. The company grew consumer segment sales 1% when compared to the fourth quarter of 2018. ET. We are continuing to capitalize on the global and growing consumer interests in healthy, flavorful eating, the source and quality of ingredients, and sustainable practices. Actual results could differ materially from those projected in the forward-looking statements. Secure and cloud-based. The Dun & Bradstreet Data Cloud offers the world’s most comprehensive business data and … We incurred these costs in 2018. Our focus on profitable growth and strengthening our organization is the foundation of our future. New. Moody's Investors Service, ("Moody's") affirmed McCormick & Company, Incorporated's ("McCormick") Baa2 Senior Unsecured Rating. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. For more information, visit www.mccormickcorporation.com. Special charges consist of expenses associated with certain actions undertaken by the company to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margins, earnings, cost savings, acquisitions, brand marketing support, special charges, income tax expense and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. McCormick is aligned with consumers' increased interest in bolder flavors, demand for convenience, focus on fresh, natural ingredients and transparency around the sourcing and quality of food as well as the need to know about the environmental and social impacts behind the brands they buy. Income taxes associated with the enactment of the U.S. Tax Act in December 2017 consists of a net income tax (expense) benefit of $(6.7) million and $301.5 million recognized during the three months and year ended November 30, 2018, respectively, which includes the estimated impact of the tax benefit from revaluation of net U.S. deferred tax liabilities based on the new lower corporate income tax rate and the tax expense associated with the one-time transition tax on previously unremitted earnings of non-U.S. subsidiaries. The following provides a reconciliation of our estimated earnings per share to adjusted earnings per share for 2020 and actual results for 2019: Non-recurring benefit, net, of the U.S. Tax Act. The collective power of our people drives our momentum and our success. "I want to recognize McCormick employees around the world for their dedicated efforts. 1 in the food products industry for the fourth year in a row. Investors News Center ... McCormick’s supply chain spans over 3,000 agricultural products sourced from more than 80 countries. The company projects that the incremental expenses in 2020 associated with its business transformation investment will reduce growth in operating income by approximately 6%. The conference call will be webcast live via the McCormick website. Excluding this investment and tax headwind, McCormick's growth from the underlying operating performance is expected to be strong and in line with its long-term organic growth objectives. The net favorable non-recurring impact of the U.S. Tax Act, partially offset by transaction and integration expenses as well as special charges, increased earnings per share by $2.03 in 2018. Earnings per share was $5.24 in 2019 compared to $7.00 in the prior year. The spices and condiments maker has received the offer to buy 750,000 McCormick shares directly from investors … To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average exchange rates in effect during the current fiscal year. Special charges lowered earnings per share by $0.02 in the fourth quarter of 2019. These accomplishments, we are also making measurable progress towards our 2025 sustainability goals here 's McCormick... 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