FDBusiness.com

McCormick Reports Record 2017 Financial Results

 Breaking News
  • Valeo Foods Acquires Tangerine Confectionery For £100 Million Valeo Foods Group, the acquisitive Irish and international food business, is reported to have purchased Tangerine Confectionery of the UK for £100 million (€112 million) from Blackstone Group. The deal adds popular UK confectionery brands such as Dip Dab, Fruit Salad and Blackjack to Valeo Foods Group’s growing portfolio, and will increase annual turnover to [...]...
  • Constellation Brands to Invest $4 Billion to Develop Canabis Market Constellation Brands, the North American and international alcoholic drinks group, is investing US$4 billion (C$5 billion) to increase its stake in Canopy Growth Corporation, a leading diversified cannabis company, to 38%. The significantly expanded strategic partnership will position Canopy Growth as the global leader in cannabis production, branding, intellectual property and retailing. As a result of [...]...
  • Brewing Up Authenticity, Vibrancy, and Sol With the hot summer months in full swing, beer lovers are reaching for their favorite cold brews to beat the heat. But as consumers venture down their grocer’s beer aisle, they are met with an onslaught of brands vying for attention in a sea of packaging. When MillerCoors recently relaunched the Mexican import brand Sol, they [...]...
  • Carlsberg Group Delivers Strong First Half Carlsberg Group has increased operating profit organically by 14.2% in the first half of 2018 with all three of its regions – Western Europe, Asia and Eastern Europe – delivering very solid performances. Organic net revenue growth was 5.1%. Reported operating profit rose by 6.0% to DKr4.373 billion (€586.5 million), impacted by negative currency factors [...]...
  • Levi Roots Caribbean Snack Pots Launched by Aimia Foods Aimia Foods is introducing to the market ‘Levi Roots Caribbean Snack Pots’, a range of On the Go Instant Snack Pots, that consumers simply add hot water to and stir for ease of preparation. Using natural, clean ingredients, the products have an authentic, home cooked taste and incorporate the Levi Roots Caribbean vibe, flavours and recipes. Michelle [...]...

McCormick Reports Record 2017 Financial Results

McCormick Reports Record 2017 Financial Results
January 29
09:21 2018

McCormick & Company, a global leader in flavours, has reported record results for its fiscal year ended November 30, 2017. Sales rose 10% from the prior year with minimal impact from currency. Incremental sales from acquisitions, which included RB Foods and Giotti as well as Gourmet Garden, acquired in April 2016, contributed 6% to the sales increase. The remaining increase was driven by new products and growth in the base business through brand marketing support, expanded distribution, and pricing actions taken to offset material cost inflation.

Operating income was $702 million compared to $641 million in fiscal 2016. Adjusted operating income was $786 million, a 20% increase from $657 million for fiscal 2016, and a 21% increase in constant currency. Earnings per share increased to $3.72 from $3.69 in fiscal year 2016, and adjusted earnings per share rose 13% to $4.26 from $3.78.

Lawrence E Kurzius, chairman, president and chief executive, comments: “Our broad global flavor portfolio continues to drive growth and differentiate McCormick. In 2017, we delivered another year of record financial results with strong core business performance and the incremental impact of acquisitions. Our performance reflects the effectiveness of our strategies and engagement of employees around the world.”

He continues: “In addition to our strong base business and new product growth, the acquisitions of RB Foods, Giotti and Gourmet Garden contributed to higher sales as valuable additions to our global portfolio of flavors.  Through our Comprehensive Continuous Improvement (CCI) program, we are generating fuel for growth.  Led by this program, we achieved $117 million in cost savings in 2017 and are well on our way to achieving our four-year $400 million goal of cost savings by 2019.  Through the combination of our CCI program and our strategy to shift our portfolio to more value-added products, we expanded our adjusted operating margin.”

For the 2018 fiscal year, McCormick expects to increase sales year-on-year by 12% to 14%, which includes a one percentage point favorable currency impact. The company expects to achieve earnings per share of $6.89 to $7.14 in fiscal year 2018, including the non-recurring net favorable impact of the recent U.S. tax legislation, compared to $3.72 in 2017.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 5, 2018Int'l Food Products and Processing Technologies Exhibition (WorldFood Istanbul)
  • September 12, 2018Packaging Innovations & Luxury Packaging London 2018
  • September 15, 2018iba
  • September 25, 2018PPMA Show 2018
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements