McCormick said net sales in 2024 increased 0.9% compared to 2023, and increased 0.8% on an organic basis excluding the impact of divestitures and foreign currency exchange. Pricing actions contributed 0.5%, volume and product mix contributed 0.3%, foreign currency rates contributed 0.3%, and the divestiture of the Giotti canning business decreased sales by 0.2%.

1. 01

   McCormick said net sales in 2024 increased 0.9% compared to 2023, and increased 0.8% on an organic basis excluding the impact of divestitures and foreign currency exchange. Pricing actions contributed 0.5%, volume and product mix contributed 0.3%, foreign currency rates contributed 0.3%, and the divestiture of the Giotti canning business decreased sales by 0.2%.

2. 02

   The company said operating income for 2024 was $1,060.3 million, an increase from $963.0 million in 2023, and adjusted operating income, excluding special charges of $9.5 million, was $1,069.8 million, representing an increase of 4.5%. Gross profit margin was 38.5%, an increase of 90 basis points.

3. 03

   McCormick said diluted earnings per share for 2024 was $2.92, compared to $2.52 in 2023, and adjusted diluted earnings per share, excluding special charges, was $2.95, compared to $2.70 in 2023, representing an increase of 9.3%. Operating cash flow was $921.9 million, and the company returned $504.1 million to shareholders through dividends and share repurchases.

4. 04

   The company said net sales for 2025 are expected to grow 0% to 2%, including an unfavorable impact of 1% from foreign currency rates, and adjusted diluted earnings per share are projected to range from $3.03 to $3.08, representing an increase of 3% to 5%. It also anticipated operating income to increase 3% to 5% and special charges of approximately $15 million.

Key figures

Fiscal year ended November 30, 2024

Revenue

$6.7B

Operating income

$1.1B

Net income

$789M

EPS

$2.92

Gross profit

$2.6B

Operating cash flow

$922M

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.