Today, McCormick & Company released its financial outlook for fiscal year 2025, along with its earnings results for the fourth quarter and for fiscal year 2024.
The company’s Q4 sales increased by 3% compared to 2023, reaching $1.8 billion for the quarter, compared with analysts’ estimates of $1.77 billion.
For fiscal year 2024, McCormick’s sales rose by 1% compared to the previous year, with the company’s earnings per share reaching $2.92, up from $2.52.
In a statement to investors, Brendan M. Foley, McCormick’s Chairman, President, and CEO, said, “We are pleased to report strong performance for both fourth quarter and fiscal year 2024, an important year for McCormick, in which we built momentum and strengthened our leadership, returning to differentiated and sustainable volume-led growth.”
Foley added, “We successfully delivered on our objectives for the year. Our strategic investments in core categories enabled us to drive positive volume growth, expand our margins, and deliver robust earnings growth. Additionally, we achieved another year of strong cash flow, paid down debt, and reduced our leverage ratio, further strengthening our balance sheet.”
McCormick stated that its 2025 outlook reflects the company’s renewed focus on strategic investments to strengthen volume trends, expand operating margins and drive long-term profitable growth.
McCormick forecasts its 2025 annual sales and profit to be flat or grow as much as 2%.
Foley told investors, “As we look ahead to 2025, we remain confident in our ability to sustain this momentum by executing on our proven strategies as well as leveraging the demand for flavor and the strength of our brands to achieve industry-leading performance. We continue to execute with speed and agility on the initiatives within our growth levers, including brand marketing, new products and packaging, category management, and proprietary technologies. Additionally, we believe we are well positioned with our cost savings initiatives to fuel investments and generate operating margin expansion.”
Click here to read our exclusive interview with McCormick Chairman and CEO, Lawrence E. Kurzius
By CEO NA Editorial Staff
