McCormick & Co. Files Q2 2024 10-Q
Ticker: MKC-V · Form: 10-Q · Filed: Jun 27, 2024 · CIK: 63754
| Field | Detail |
|---|---|
| Company | Mccormick & CO INC (MKC-V) |
| Form Type | 10-Q |
| Filed Date | Jun 27, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
McCormick's Q2 2024 results are in. Check the 10-Q for the deets.
AI Summary
McCormick & Company, Inc. filed a 10-Q for the period ending May 31, 2024. The company reported financial results for the second quarter and the first half of its fiscal year. Key financial data points such as revenue, net income, and earnings per share for the relevant periods are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance data for McCormick & Co., influencing investment decisions and market sentiment.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 20240531 — Fiscal Period End Date (Indicates the end of the reporting quarter.)
- 20240627 — Filing Date (Shows when the report was submitted to the SEC.)
Key Players & Entities
- MCCORMICK & CO INC (company) — Filer of the 10-Q
- 20240531 (date) — End of the reporting period
- 20240627 (date) — Date of filing
- MD (location) — State of incorporation and business address
- HUNT VALLEY (location) — City of business address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is May 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on June 27, 2024.
What is McCormick & Company's state of incorporation?
McCormick & Company, Inc. is incorporated in Maryland (MD).
What is the business address of McCormick & Company?
The business address is 24 Schilling Road, Suite 1, Hunt Valley, MD 21031.
What is the fiscal year end for McCormick & Company?
McCormick & Company's fiscal year ends on November 30 (1130).
Filing Stats: 4,754 words · 19 min read · ~16 pages · Grade level 7.4 · Accepted 2024-06-27 16:28:20
Key Financial Figures
- $0.01 — ich registered Common Stock, Par Value $0.01 per share MKC.V New York Stock Exchange
Filing Documents
- mkc-20240531.htm (10-Q) — 1497KB
- mkc-05312024xex1012.htm (EX-10.12) — 62KB
- mkc-05312024xex1014.htm (EX-10.14) — 39KB
- mkc-05312024xex311.htm (EX-31.1) — 8KB
- mkc-05312024xex312.htm (EX-31.2) — 8KB
- mkc-05312024xex321.htm (EX-32.1) — 4KB
- mkc-05312024xex322.htm (EX-32.2) — 5KB
- 0000063754-24-000057.txt ( ) — 7607KB
- mkc-20240531.xsd (EX-101.SCH) — 40KB
- mkc-20240531_cal.xml (EX-101.CAL) — 58KB
- mkc-20240531_def.xml (EX-101.DEF) — 295KB
- mkc-20240531_lab.xml (EX-101.LAB) — 534KB
- mkc-20240531_pre.xml (EX-101.PRE) — 429KB
- mkc-20240531_htm.xml (XML) — 1314KB
– 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 23
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38
CONTROLS AND PROCEDURES
ITEM 4 CONTROLS AND PROCEDURES 38
- OTHER INFORMATION
PART II - OTHER INFORMATION 39
LEGAL PROCEEDINGS
ITEM 1 LEGAL PROCEEDINGS 39
RISK FACTORS
ITEM 1a RISK FACTORS 39
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 39
DEFAULTS UPON SENIOR SECURITIES
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 40
MINE SAFETY DISCLOSURES
ITEM 4 MINE SAFETY DISCLOSURES 40
OTHER INFORMATION
ITEM 5 OTHER INFORMATION 40
EXHIBITS
ITEM 6 EXHIBITS 41 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 May 31, Six months ended May 31, 2024 2023 2024 2023 Net sales $ 1,643.2 $ 1,659.2 $ 3,245.9 $ 3,224.7 Cost of goods sold 1,023.6 1,043.7 2,027.0 2,046.3 Gross profit 619.6 615.5 1,218.9 1,178.4 Selling, general and administrative expense 383.7 380.5 745.3 716.6 Special charges 1.8 13.2 6.0 41.0 Operating income 234.1 221.8 467.6 420.8 Interest expense 52.9 52.2 103.2 102.8 Other income, net 12.4 12.5 23.5 23.6 Income from consolidated operations before income taxes 193.6 182.1 387.9 341.6 Income tax expense 26.2 40.3 75.8 74.7 Net income from consolidated operations 167.4 141.8 312.1 266.9 Income from unconsolidated operations 16.8 10.3 38.1 24.3 Net income $ 184.2 $ 152.1 $ 350.2 $ 291.2 Earnings per share – basic $ 0.69 $ 0.57 $ 1.30 $ 1.09 Earnings per share – diluted $ 0.68 $ 0.56 $ 1.30 $ 1.08 Average shares outstanding – basic 268.6 268.4 268.5 268.3 Average shares outstanding – diluted 269.7 269.8 269.7 269.8 Cash dividends paid per share – voting and non-voting $ 0.42 $ 0.39 $ 0.84 $ 0.78 Cash dividends declared per share – voting and non-voting $ 0.42 $ 0.39 $ 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 May 31, Six months ended May 31, 2024 2023 2024 2023 Net income $ 184.2 $ 152.1 $ 350.2 $ 291.2 Net income attributable to non-controlling interest 1.8 2.0 3.9 2.8 Other comprehensive income (loss): Unrealized components of pension and other postretirement plans ( 1.0 ) ( 0.9 ) ( 1.2 ) ( 1.9 ) Currency translation adjustments 6.6 10.0 4.6 57.0 Change in derivative financial instruments ( 0.5 ) ( 8.4 ) ( 3.8 ) ( 13.8 ) Tax benefit 1.1 5.2 1.5 6.2 T