McCormick said its net sales rose 4.9% in 2023 over 2022. The company said pricing actions contributed 8.5% to the increase, while volume and product mix reduced growth by 2.6% and currency fluctuations reduced growth by 0.6%.

1. 01

   McCormick said its net sales rose 4.9% in 2023 over 2022. The company said pricing actions contributed 8.5% to the increase, while volume and product mix reduced growth by 2.6% and currency fluctuations reduced growth by 0.6%.

2. 02

   McCormick said its operating income in 2023 was $963.0 million, up 11.5% from $863.6 million in 2022. Adjusted operating income, which excludes special charges and other items, was $1,024.2 million, an increase of 11.6%.

3. 03

   The company said diluted earnings per share was $2.52 in both 2023 and 2022. It said adjusted diluted earnings per share, which excludes special charges and other items, was $2.70 in 2023 and $2.53 in 2022, an increase of 6.7%.

4. 04

   The company said net cash provided by operating activities was $1,237.3 million in 2023, $651.5 million in 2022 and $828.3 million in 2021. It said cash returned to shareholders through dividends and share repurchases totaled $454.2 million in 2023.

Key figures

Fiscal year ended November 30, 2023

Revenue

$6.7B

Operating income

$963M

Net income

$681M

EPS

$2.52

Gross profit

$2.5B

Operating cash flow

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.