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McCormick Reports Strong 2020 Financial Results And Provides Outlook For 2021

McCormick Reports Strong 2020 Financial Results And Provides Outlook For 2021
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HUNT VALLEY, Md., Jan. 28, 2021 /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, 2020.
For the fiscal year 2020, sales rose 5% from the prior year, with minimal impact from currency. Significant Consumer segment growth of 10% was partially offset by a low single digit sales decline in the Flavor Solutions segment. Earnings per share increased to $2.78 from $2.62 in 2019. Adjusted earnings per share rose 6% to $2.83 from $2.68.
For the fourth quarter, sales increased 5% from the year-ago period. In constant currency, the Company grew sales 4% driven by growth in both segments. Earnings per share decreased to $0.74 from $0.79. Adjusted earnings per share decreased to $0.79 from $0.81 driven by hig ....

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McCormick & Co Inc (MKC) Q4 2020 Earnings Call Transcript

Vice President Investor Relations
Good morning. This is Kasey Jenkins, Vice President of McCormick Investor Relations. Thank you for joining today s Fourth Quarter Earnings Call. To accompany this call, we ve posted set of slides at ir.mccormick.com. [Operator Instructions] We ll begin with remarks from Lawrence Kurzius, Chairman, President and CEO and Mike Smith, Executive Vice President and CFO.
During our remarks, we will refer to certain non-GAAP financial measures. These include information in constant currency, as well as adjusted gross margin, adjusted operating income, adjusted income tax rate, adjusted earnings per share and adjusted leverage ratio that exclude the impact of special charges, transaction and integration expenses related to the acquisitions of Cholula and FONA, and for 2019, the net non-recurring benefit associated with the U.S. Tax Act. Reconciliations to the GAAP results are included in this morning s press release and slides. ....

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Azelis distribute MANE's flavour taste solutions in Benelux

5:09 AM, 18th January 2021
Commencing in January, MANE s flavours and taste solutions will be distributed exclusively by Azelis, broadening the Azelis product offering into the food & health market in Benelux.
ANTWERP, BELGIUM: Azelis announced a new and exclusive agreement with MANE for the distribution of its flavour and taste solutions in the Benelux. Commencing January 2021, MANE’s flavours and taste solutions will be distributed exclusively by Azelis. This new agreement is a great next step and reinforces the collaboration between both companies.
The new mandate broadens Azelis’ product offering into the food & health market in the Benelux. This latest extension builds upon a successful distribution partnership between Azelis and MANE in several other European countries. This agreement is a demonstration of Azelis’ strategy to organically grow with its key partners. ....

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McCormick Acquires FONA International, LLC

McCormick Acquires FONA International, LLC
McCormick Accelerates Flavor Growth and Strengthens its Leadership in Clean and Natural Flavors
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HUNT VALLEY, Md., Dec. 30, 2020 /PRNewswire/ McCormick & Company Inc. (NYSE: MKC) (the Company ), a global leader in flavor, today announced that it has purchased 100% of the shares of FONA International, LLC and certain of its affiliates ( FONA ), a privately held company. FONA is a leading manufacturer of clean and natural flavors providing solutions for a diverse customer base across various applications for the food, beverage and nutritional markets. McCormick has acquired the business for $710 million in cash. ....

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