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McCormick & Company Incorporated (MKC+2.18%) has submitted its Form 10-K filing for the fiscal year ended November 30, 2024.
The filing reports net sales of $6.7 billion, a 0.9% increase from the previous year, with organic sales growth of 0.8% excluding divestitures and currency impacts.
Operating income rose by 10.1% to $1.06 billion, driven by improved gross profit margins and reduced special charges.
Net income for the year was $788.5 million, with diluted earnings per share of $2.92, reflecting a 15.9% increase in adjusted operating income margin.
The company's consumer segment contributed $3.8 billion to net sales, with the flavor solutions segment accounting for $2.9 billion.
McCormick's effective tax rate decreased to 20.5% due to higher net discrete tax benefits.
Cash flow from operating activities was $921.9 million, with capital expenditures of $274.9 million and $451 million returned to shareholders through dividends.
The report highlights McCormick's ongoing business transformation initiatives and strategic focus on flavor innovation and global market expansion.
McCormick anticipates 2025 net sales growth of 0% to 2% and adjusted earnings per share growth of 3% to 5%, considering a 1% unfavorable currency impact.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the McCormick & Company Incorporated annual 10-K report dated January 23, 2025. To report an error, please email earnings@qz.com.