$MKC (McCormick & Company, Incorporated)

$MKC {{ '2015-06-24T18:37:36+0000' | timeago}} • Announcement

$MKC M&A Update: McCormick today announced that it has signed an agreement to acquire 100% of shares of One World Foods, Inc., seller of Stubb's barbeque sauces, a privately held company located in Austin, TX. Stubb's is the leading premium barbeque sauce brand in U.S. In addition to sauces, Stubb's products include marinades, rubs & skillet sauces

$MKC {{ '2017-08-18T15:19:11+0000' | timeago}} • Announcement

$MKC completed the previously announced acquisition of Reckitt Benckiser's Food Division from Reckitt Benckiser Group plc. The purchase price of approx. $4.2Bil was funded by McCormick.

$MKC {{ '2017-08-09T14:03:14+0000' | timeago}} • Announcement

$MKC announced the pricing of an underwritten public offering of 5,524,862 shares of its common stock non-voting at a price of $90.50 per share. The offering is expected to close on or about Aug. 11, 2017. The net proceeds will be approx. $482MM, which $MKC intends to use, in part, to fund the acquisition of Reckitt Benckiser's Food Division.

$MKC {{ '2017-08-07T21:33:08+0000' | timeago}} • Announcement

Food company $MKC launched a public offering of $500MM of its non-voting common stock. McCormick will use net proceeds of the offering to fund a part of the consideration payable for the acquisition of Reckitt Benckiser's Food Division. If the acquisition does not close as planned, the proceeds will be used for general corporate purposes.

$MKC {{ '2017-06-29T14:14:15+0000' | timeago}} • Webcast

When asked whether $MKC has got a chance to grow its presence in $WFM as a result of the $AMZN-$WFM merger, McCormick stated that it is well positioned based on the relationship with Amazon. The company added that it is under-represented at Whole Foods with some of $MKC's secondary brands in distribution.

$MKC {{ '2017-06-29T13:51:38+0000' | timeago}} • Webcast

Similar to 1Q17, $MKC's Consumer segment sales in UK decreased during 2Q17, hurt by challenging retail market and a reduction in the number of Schwartz brand products by a large UK retailer. In Asia-Pacific, Consumer segment sales in China and India grew in double-digits.

$MKC {{ '2017-06-29T13:10:04+0000' | timeago}} • Webcast

$MKC expects to achieve annual cost savings of about $30-40MM once it fully implements the three-year McCormick Global Enablement (MGE) initiative, which was announced during the Investor Day. McCormick expects the cost to implement MGE initiative will be about $55-65MM. This special charge will be recognized over the three-year period.

$MKC {{ '2017-06-29T12:35:23+0000' | timeago}} • Webcast

As $MKC reported 2Q17 results, the spices manufacturer stated that it is seeing good growth in the spice and seasoning brands in the US market. As the industry outlook reflects a greater share of growth coming from eCommerce, club and discount formats, McCormick expects double-digit sales growth to continue in unmeasured channels.

$MKC {{ '2017-06-29T12:16:17+0000' | timeago}} • Infographic

$MKC McCormick & Company Earnings AlphaGraphic: Q2 2017 Highlights

$MKC {{ '2017-06-29T11:30:28+0000' | timeago}} • Announcement

In 2Q17, $MKC's consumer segment sales grew 2% to $656.4MM, helped by 10% increase in Asia/Pacific region. Industrial segment sales rose 9% to $457.9MM, riding on 22% sales jump in EMEA region.

$MKC {{ '2017-06-29T11:26:25+0000' | timeago}} • Announcement

$MKC projected 2017 EPS in the range of $3.94-4.02 compared to $3.69 it reported in 2016. Excluding an estimated $0.11 impact of special charges, the company reaffirmed projected adjusted EPS of $4.05 to $4.13.

$MKC {{ '2017-06-29T11:24:05+0000' | timeago}} • Announcement

Sales rose 5% in 2Q17 for $MKC to $1.11Bil, which helped the flavor manufacturer lift its net income to $100MM from $93.8MM a year ago. EPS rose to $0.79 from $0.73 and adjusted EPS rose 9% to $0.82 during the quarter.

$MKC {{ '2017-06-27T20:50:16+0000' | timeago}} • Announcement

$MKC's BoD declared a quarterly dividend of $0.47 per share on its common stock. The dividend is payable on July 24, 2017, to shareholders of record on July 10, 2017. $MKC's current annualized dividend rate of $1.88 per share represents an increase of 9% over the annual dividend of $1.72 per share paid in FY16.

$MKC {{ '2017-05-23T18:43:18+0000' | timeago}} • Announcement

$MKC appointed Tony Vernon, retired CEO of Kraft Foods Group, to its BoD effective May 23, 2017. He currently serves on the boards of $XENT, $NVCR and $AXON.

$MKC {{ '2017-03-29T21:05:42+0000' | timeago}} • Announcement

The BoD of $MKC declared a quarterly dividend of $0.47 per share on its common stock. The dividend is payable on April 24, 2017, to shareholders of record on April 10, 2017. The current annualized dividend rate of $1.88 per share represents an increase of 9% over the annual dividend of $1.72 per share paid in FY16.

$MKC {{ '2017-03-28T13:55:58+0000' | timeago}} • Webcast

$MKC said that the timing of the lent days versus last year is one of the factors that influenced the slowness in January and February. The change in the U.S. income tax refund policy had pushed refunds later, especially for the consumers at the lower end of the economic spectrum.

$MKC {{ '2017-03-28T13:39:38+0000' | timeago}} • Webcast

$MKC stated that high single-digit or the low double-digit growth in the China was strong and broad-based and it continues to be a long term trend there. The company has got new placements and distribution in China. Ecommerce is developing as a strong growth channel. Last year, $MKC's ecommerce business in China was up over 100%.

$MKC {{ '2017-03-28T13:06:07+0000' | timeago}} • Webcast

For 2Q17, $MKC expects adjusted operating income growth to slow down in the Industrial segment. For FY17, the company projects increase in both adjusted operating income and margins versus previous year. Based on the current currency rates, $MKC forecast income from unconsolidated operations to decline in mid- to-high single-digit range in FY17.

$MKC {{ '2017-03-28T12:53:16+0000' | timeago}} • Webcast

In EMEA, $MKC's incremental sales from Giotti acquisition contributed double-digit sales growth for 1Q17. In late 2016, the company exited a low margin business from South African operations. For 2017, $MKC is on track to achieve approx. $100MM in cost savings led by the CCI program.

$MKC {{ '2017-03-28T12:47:03+0000' | timeago}} • Webcast

For the balance of FY17, $MKC expects spices and seasoning sales in the U.S. remains strong and unchanged from prior projections. With the continued challenging retail environment in the U.K., the company has been impacted by a large retailer's reduction of shelf space for food products.

$MKC {{ '2017-03-28T12:37:55+0000' | timeago}} • Webcast

$MKC said that U.S. consumer purchases were soft in 1Q17, especially in February. Retail consumption reports showed a measurable year-on-year deceleration across many categories. The company added that the temporary slowdown is due to unseasonable weather, a late Easter and the timing of income tax refund payments.

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