McCormick said net sales for Q1 2024 rose 2.4% from the prior year, with pricing actions contributing 2.7%, volume and product mix a 1.0% decrease, and currency rates a 0.9% increase. On a constant currency basis, excluding the impact of currency, sales growth was 1.5%.

1. 01

   McCormick said net sales for Q1 2024 rose 2.4% from the prior year, with pricing actions contributing 2.7%, volume and product mix a 1.0% decrease, and currency rates a 0.9% increase. On a constant currency basis, excluding the impact of currency, sales growth was 1.5%.

2. 02

   The company said operating income for Q1 2024 was $233.5 million ($199.0 million in the prior-year period). Adjusted operating income, which excludes special charges, was $237.7 million, up 4.8%. It said gross profit margin was 37.4%, up 140 basis points.

3. 03

   McCormick said diluted earnings per share for Q1 2024 were $0.62 ($0.52 in the prior-year period). Adjusted diluted earnings per share, which excludes special charges, were $0.63 ($0.59 in the prior-year period), an increase of 6.8%. It said special charges lowered earnings per share by $0.01.

4. 04

   The company said net cash provided by operating activities was $138.4 million for the 3 months ended February 29, 2024, up $35.0 million from the prior-year period. Dividends paid in the same period were $112.7 million, and the company said it expects capital expenditures for 2024 to be about $290 million.

Key figures

Quarter ended February 29, 2024

Revenue

$1.6B

Operating income

$234M

Net income

$166M

EPS

$0.62

Gross profit

$599M

Operating cash flow

$138M

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

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