McCormick & Co Inc. Files 10-Q for Period Ending Feb 29, 2024

TL;DR

<b>McCormick & Co Inc. has filed its Q1 2024 10-Q report, detailing financial performance for the period ending February 29, 2024.</b>

AI Summary

MCCORMICK & CO INC (MKC-V) filed a Quarterly Report (10-Q) with the SEC on March 26, 2024. McCormick & Co Inc. filed a 10-Q report for the period ending February 29, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on November 30. The filing includes financial data for periods ending February 29, 2024, November 30, 2023, and February 28, 2023. The company is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking MCCORMICK & CO INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and disclosures, crucial for understanding the company's performance and financial health. The detailed financial information allows for analysis of revenue trends, profitability, and balance sheet changes, informing investment decisions.

Risk Assessment

Risk Level: — MCCORMICK & CO INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, significant positive or negative events.

Analyst Insight

Monitor future filings for detailed segment performance and any commentary on sales growth or cost management strategies.

Key Numbers

• 2024-02-29 — Period End Date (Current reporting period)
• 2023-11-30 — Fiscal Year End (Company's fiscal year end)
• 2023-12-01 — Start Date (Previous fiscal year start date)
• 2022-12-01 — Start Date (Prior year comparative period start date)

Key Players & Entities

• MCCORMICK & CO INC (company) — Filer name
• 2024-02-29 (date) — Period of report
• 2024-03-26 (date) — Filed as of date
• MD (location) — State of incorporation
• 1130 (date) — Fiscal year end

FAQ

Industry Context

McCormick & Co Inc. operates in the food manufacturing industry, specifically in miscellaneous food preparations and kindred products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements.
2. Analyze any management discussion and analysis (MD&A) for insights into performance drivers.
3. Compare current quarter results to prior year periods for trend analysis.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-26: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-11-30: Fiscal Year End — Marks the end of the company's fiscal year.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the annual report (10-K) for fiscal year 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 per share MKC.V New York Stock Exchange

Filing Documents

• mkc-20240229.htm (10-Q) — 1114KB
• mkc-02292024xex311.htm (EX-31.1) — 8KB
• mkc-02292024xex312.htm (EX-31.2) — 8KB
• mkc-02292024xex321.htm (EX-32.1) — 4KB
• mkc-02292024xex322.htm (EX-32.2) — 5KB
• 0000063754-24-000033.txt (&nbsp;) — 6341KB
• mkc-20240229.xsd (EX-101.SCH) — 38KB
• mkc-20240229_cal.xml (EX-101.CAL) — 56KB
• mkc-20240229_def.xml (EX-101.DEF) — 279KB
• mkc-20240229_lab.xml (EX-101.LAB) — 506KB
• mkc-20240229_pre.xml (EX-101.PRE) — 409KB
• mkc-20240229_htm.xml (XML) — 982KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1 FINANCIAL STATEMENTS 4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33

CONTROLS AND PROCEDURES

ITEM 4 CONTROLS AND PROCEDURES 33

- OTHER INFORMATION

PART II - OTHER INFORMATION 33

LEGAL PROCEEDINGS

ITEM 1 LEGAL PROCEEDINGS 33

RISK FACTORS

ITEM 1a RISK FACTORS 33

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 34

DEFAULTS UPON SENIOR SECURITIES

ITEM 3 DEFAULTS UPON SENIOR SECURITIES 34

MINE SAFETY DISCLOSURES

ITEM 4 MINE SAFETY DISCLOSURES 34

OTHER INFORMATION

ITEM 5 OTHER INFORMATION 34

EXHIBITS

ITEM 6 EXHIBITS 35 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS McCORMICK & COMPANY, INCORPORATED CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) (in millions except per share amounts) Three months ended February 29, 2024 February 28, 2023 Net sales $ 1,602.7 $ 1,565.5 Cost of goods sold 1,003.4 1,002.6 Gross profit 599.3 562.9 Selling, general and administrative expense 361.6 336.1 Special charges 4.2 27.8 Operating income 233.5 199.0 Interest expense 50.3 50.6 Other income, net 11.1 11.1 Income from consolidated operations before income taxes 194.3 159.5 Income tax expense 49.6 34.4 Net income from consolidated operations 144.7 125.1 Income from unconsolidated operations 21.3 14.0 Net income $ 166.0 $ 139.1 Earnings per share – basic $ 0.62 $ 0.52 Earnings per share – diluted $ 0.62 $ 0.52 Average shares outstanding – basic 268.4 268.2 Average shares outstanding – diluted 269.6 269.8 Cash dividends paid per share – voting and non-voting $ 0.42 $ 0.39 See notes to condensed consolidated financial statements (unaudited). 4 Table of Contents McCORMICK & COMPANY, INCORPORATED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (in millions) Three months ended February 29, 2024 February 28, 2023 Net income $ 166.0 $ 139.1 Net income attributable to non-controlling interest 2.1 0.8 Other comprehensive income (loss): Unrealized components of pension and other postretirement plans ( 0.2 ) ( 1.0 ) Currency translation adjustments ( 2.0 ) 47.0 Change in derivative financial instruments ( 3.3 ) ( 5.4 ) Tax benefit 0.4 1.0 Total other comprehensive income (loss), net of tax ( 5.1 ) 41.6 Comprehensive income $ 163.0 $ 181.5 See notes to condensed consolidated financial statements (unaudited). 5 Table of Contents McCORMICK & COMPANY, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEET (in millions) February 29, 2024 November 30, 2023 (unaudited) ASSETS Cash and cash equivalents $ 178.0 $ 166.6 Trade accounts receivable, net of

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View this 10-Q filing on SEC EDGAR