McCormick (MKC) to Highlight Long-Term Growh Initiatives at Upcoming Conference
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Price: $55.41 +0.34%
Financial Fact:
Cost of goods sold: 637.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Cost of goods sold: 637.1M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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McCormick & Company, Inc. (NYSE: MKC), will discuss plans to drive continued sales and earnings growth at their investor conference titled “A World of Flavor.” Through acquisitions, the expansion of leading brands and customized flavor solutions for industrial customers, the company is increasing its global footprint to meet the growing demand for flavor by consumers worldwide.
In the U.S., consumption of spices has grown almost three times as fast as population growth. Today, 87% of consumers say taste is the most important driver of food selection, and 69% like to try new flavors, an increase of 5% in the past two years according to the Institute of Food Technologists. Outside of the U.S., similar forces are driving consumer demand for flavor. The company has a particular interest in emerging markets and expects 20% of sales to come from these markets by 2015. With a growing middle class, consumers in emerging markets have an increased interest in the quality and convenience of branded packaged spices and seasonings.
Alan Wilson, Chairman, President & CEO and other McCormick executives will present the key initiatives that are driving sales performance across the company. With a globally coordinated set of growth strategies, the company is improving its effectiveness in serving a broad range of customers that include local grocery chains, multi-national retailers, quick service restaurants and leading food manufacturers. This breadth of customers, along with a vast and customizable portfolio of flavors, allows McCormick to share its passion for flavor every day, no matter where or what consumers eat.
McCormick is investing in its business with brand marketing support and acquisitions, and fueling this growth with productivity improvements through its Comprehensive Continuous Improvement program. Long-term, the company expects to achieve annual growth of 4-6% in sales, 7-9% operating income and 9-11% earnings per share. Along with a commitment to annual dividend increases, these financial objectives should lead to a double-digit increase in total shareholder return for McCormick investors.
In the U.S., consumption of spices has grown almost three times as fast as population growth. Today, 87% of consumers say taste is the most important driver of food selection, and 69% like to try new flavors, an increase of 5% in the past two years according to the Institute of Food Technologists. Outside of the U.S., similar forces are driving consumer demand for flavor. The company has a particular interest in emerging markets and expects 20% of sales to come from these markets by 2015. With a growing middle class, consumers in emerging markets have an increased interest in the quality and convenience of branded packaged spices and seasonings.
Alan Wilson, Chairman, President & CEO and other McCormick executives will present the key initiatives that are driving sales performance across the company. With a globally coordinated set of growth strategies, the company is improving its effectiveness in serving a broad range of customers that include local grocery chains, multi-national retailers, quick service restaurants and leading food manufacturers. This breadth of customers, along with a vast and customizable portfolio of flavors, allows McCormick to share its passion for flavor every day, no matter where or what consumers eat.
McCormick is investing in its business with brand marketing support and acquisitions, and fueling this growth with productivity improvements through its Comprehensive Continuous Improvement program. Long-term, the company expects to achieve annual growth of 4-6% in sales, 7-9% operating income and 9-11% earnings per share. Along with a commitment to annual dividend increases, these financial objectives should lead to a double-digit increase in total shareholder return for McCormick investors.
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