McCormick & Co Inc (NYSE:MKC) reported fourth-quarter sales growth of 3% year-on-year to $1.798 billion, beating the analyst consensus estimate of $1.77 billion.
Flavor Solutions segment sales grew by 1%, with minimal impact from currency. Consumer segment sales increased 4%.
Gross profit was $722.2 million, with the margin expanding 20 basis points Y/Y to 40.2%.
Operating income rose 3% to $306.2 million and the operating margin remained flat at 17%.
Adjusted EPS of $0.80 beat the consensus estimate of $0.77.
McCormick held $186.1 million in cash and equivalents as of November 30, 2024. The company generated an operating cash flow of $922 million in FY24.
“We are pleased to report strong performance for both fourth quarter and fiscal year 2024, an important year for McCormick, in which we built momentum and strengthened our leadership, returning to differentiated and sustainable volume-led growth,” said Chairman, President, and CEO Brendan M. Foley.
“Our strategic investments in core categories enabled us to drive positive volume growth, expand our margins, and deliver robust earnings growth.”
Outlook: McCormick sees FY25 sales growth of 0% – 2% as reported and 1% – 3% in constant currency. The company expects an adjusted EPS of $3.03 – $3.08 versus the estimate of $3.11.
Price Action: MKC shares are trading higher by 2.29% at $71.55 in premarket at last check Thursday.
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