McCormick & Co Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>McCormick & Co Inc. filed its 2023 10-K, reporting $23.76 billion in assets and $640 million in net income.</b>

AI Summary

MCCORMICK & CO INC (MKC-V) filed a Annual Report (10-K) with the SEC on January 25, 2024. McCormick & Co Inc. reported total assets of $23,764,539,252 for the fiscal year ending November 30, 2023. The company's net income for the fiscal year was $640.0 million. Earnings per share (EPS) were $3.50 for the fiscal year. Total debt was $250.6 million, with a debt-to-equity ratio of 0.2. Operating margin was 17.4% and gross margin was 17.8%.

Why It Matters

For investors and stakeholders tracking MCCORMICK & CO INC, this filing contains several important signals. The filing provides a comprehensive overview of McCormick's financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and profitability. Key financial metrics such as revenue, net income, EPS, and debt levels offer insights into the company's operational efficiency and financial health, guiding investment decisions.

Risk Assessment

Risk Level: medium — MCCORMICK & CO INC shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and operational risks inherent in the food industry, as indicated by its reported margins and asset base.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance drivers and potential challenges.

Financial Highlights

debt To Equity

0.2

operating Margin

17.4%

total Assets

23,764,539,252

total Debt

250.6

net Income

640.0

eps

3.50

gross Margin

17.8%

Key Numbers

• 23,764,539,252 — Total Assets (Fiscal year 2023)
• 640.0 — Net Income (Fiscal year 2023 (in millions))
• 3.50 — EPS (Fiscal year 2023)
• 0.2 — Debt/Equity Ratio (Fiscal year 2023)
• 17.4% — Operating Margin (Fiscal year 2023)
• 17.8% — Gross Margin (Fiscal year 2023)
• 250.6 — Total Debt (Fiscal year 2023 (in millions))

Key Players & Entities

• MCCORMICK & CO INC (company) — Filer name
• 2023-11-30 (date) — Fiscal year end
• 2024-01-25 (date) — Filing date
• $23,764,539,252 (dollar_amount) — Total assets
• $640.0 (dollar_amount) — Net income
• $3.50 (dollar_amount) — Earnings per share
• 0.2 (dollar_amount) — Debt/equity ratio
• 17.4% (percentage) — Operating margin

Forward-Looking Statements

• McCormick's high debt levels will likely lead to continued significant interest expenses in the next fiscal year. (MCCORMICK & CO INC) — high confidence, target: 20241130
• The company may prioritize debt reduction to improve its financial flexibility given the substantial long-term obligations. (MCCORMICK & CO INC) — medium confidence, target: 20251130

FAQ

Risk Factors

• Market Risks [medium — market]: The company is subject to risks related to consumer preferences, competition, and economic conditions affecting demand for its products.
• Supply Chain and Operational Disruptions [medium — operational]: Disruptions in the supply chain, manufacturing, or distribution could adversely affect the company's ability to meet demand and its financial results.
• Interest Rate and Foreign Currency Fluctuations [medium — financial]: Changes in interest rates and foreign currency exchange rates can impact the company's financial performance and the value of its international operations.

Key Financial Figures

• $0.01 — ich Registered Common Stock, Par Value $0.01 per share MKC.V New York Stock Exchange
• $1,449,790,965 — held by non-affiliates at May 31, 2023: $1,449,790,965 The aggregate market value of the Non-
• $21,526,477,162 — held by non-affiliates at May 31, 2023: $21,526,477,162 Indicate the number of shares outstand

Filing Documents

• mkc-20231130.htm (10-K) — 2681KB
• mkc-11302023xex21.htm (EX-21) — 20KB
• mkc-11302023xex23.htm (EX-23) — 13KB
• mkc-11302023xex311.htm (EX-31.1) — 8KB
• mkc-11302023xex312.htm (EX-31.2) — 8KB
• mkc-11302023xex321.htm (EX-32.1) — 4KB
• mkc-11302023xex322.htm (EX-32.2) — 4KB
• mkc-11302023xex97.htm (EX-97) — 23KB
• mkc-20231130_g1.jpg (GRAPHIC) — 47KB
• mkc-20231130_g2.jpg (GRAPHIC) — 8KB
• mkc-20231130_g3.jpg (GRAPHIC) — 25KB
• mkc-20231130_g4.jpg (GRAPHIC) — 235KB
• mkc-20231130_g5.jpg (GRAPHIC) — 3KB
• 0000063754-24-000027.txt (&nbsp;) — 16750KB
• mkc-20231130.xsd (EX-101.SCH) — 92KB
• mkc-20231130_cal.xml (EX-101.CAL) — 150KB
• mkc-20231130_def.xml (EX-101.DEF) — 704KB
• mkc-20231130_lab.xml (EX-101.LAB) — 1217KB
• mkc-20231130_pre.xml (EX-101.PRE) — 927KB
• mkc-20231130_htm.xml (XML) — 2931KB

BUSINESS

ITEM 1. BUSINESS McCormick is a global leader in flavor. We manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry–retailers, food manufacturers and foodservice businesses. We also are partners in a number of joint ventures that are involved in the manufacture and sale of flavorful products, the most significant of which is McCormick de Mexico. Our major sales, distribution and production facilities are located in North America, Europe and China. Additional facilities are based in Australia, Central America, Thailand and South Africa. Business Segments We operate in two business segments, consumer and flavor solutions. Demand for flavor is growing globally, and across both segments we have the customer base and product breadth to participate in all types of eating occasions. Our products deliver flavor when cooking at home, dining out, purchasing a quick service meal or enjoying a snack. We offer our customers and consumers a range of products, extending from premium to value-priced, to meet the increasing demand for certain product attributes such as clean-label, organic, natural, reduced sodium, gluten-free and non-GMO (genetically modified organisms). Consistent with market conditions in each segment, our consumer segment has a higher overall profit margin than our flavor solutions segment. In 2023, the consumer segment contributed approximately 57% of consolidated net sales and 73% of consolidated operating income, and the flavor solutions segment contributed approximately 43% of consolidated net sales and 27% of consolidated operating income. Consumer Segment. From locations around the world, our brands reach consumers in approximately 170 countries and territories. Our leading brands in the Americas include McCormick , French's , Frank's RedHot , Lawry's Cholula Hot Sauce and Club House , as well as brands such as Gourmet Garden and OLD BAY . We also market authentic regional and eth

RISK FACTORS

ITEM 1A. RISK FACTORS The following are certain risk factors that could affect our business, financial condition and results of operations. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Annual Report on Form 10-K because these factors could cause the actual results and conditions to differ materially from those projected in forward-looking statements. Before you buy our Common Stock or Common Stock Non-Voting, you should know that making such an investment involves risks, including the risks described below. It is not possible for management to predict all such risks, nor can management assess the impact of all such risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statements. Additional risks and uncertainties that are not presently known to us or are currently deemed to be immaterial also may materially adversely affect our business, financial condition, or results of operations in the future. If any

View Full Filing

View this 10-K filing on SEC EDGAR