McCormick Reports Fourth Quarter 2014 Financial Results

Jan. 28, 2015

SPARKS, Md., Jan. 28, 2015 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today reported financial results for the fourth quarter and fiscal year ended November 30, 2014 and provided a 2015 financial outlook.

  • In the fourth quarter of 2014, the company grew sales 2% in local currency. Including the impact of unfavorable foreign currency, sales rose slightly from the year-ago period. Earnings per share was $1.14, and excluding items affecting comparability, adjusted earnings per share was $1.16.
  • For fiscal year 2014, the company grew sales 3% in local currency and earnings per share was $3.34. Adjusted earnings per share of $3.37 grew 8% from adjusted earnings per share of $3.13 in 2013. Cash flow from operations reached $504 million in 2014 and the company returned a record $437 million to its shareholders through dividends and share repurchases.
  • McCormick has significant cost reduction activity underway through its Comprehensive Continuous Improvement (CCI) program, as well as additional streamlining actions. In fiscal year 2015, cost savings are expected to reach at least $85 million, which is a 23% increase from 2014.
  • In fiscal year 2015, McCormick expects to grow sales 4% to 6% in local currency. Earnings per share is projected to be in a $3.41 to $3.48 range, and adjusted earnings per share is expected to range from $3.51 to $3.58, which excludes the expected impact of special charges. Full report.



McCormick & Co.

March 25, 2014
McCormick & Co. manufactures herbs, spices and flavoring for retail and industrial sale.