McCormick & Co. Files Q3 2024 10-Q
Ticker: MKC-V · Form: 10-Q · Filed: Oct 1, 2024 · CIK: 63754
| Field | Detail |
|---|---|
| Company | Mccormick & CO INC (MKC-V) |
| Form Type | 10-Q |
| Filed Date | Oct 1, 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 Q3 2024 10-Q is in. Check financials.
AI Summary
McCormick & Company, Inc. filed its 10-Q for the period ending August 31, 2024. The company reported financial results for the third quarter and the first nine months of fiscal year 2024. Key financial metrics and balance sheet information were disclosed, reflecting the company's performance and financial position.
Why It Matters
This filing provides investors with an update on McCormick's financial health and operational performance for the most recent quarter, crucial for investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 4.1 — Fiscal Year End (Fiscal year ends November 30th.)
- 3.5 — Fiscal Year End (Fiscal year ends November 30th.)
- 5.5 — Fiscal Year End (Fiscal year ends November 30th.)
- 4.9 — Fiscal Year End (Fiscal year ends November 30th.)
Key Players & Entities
- MCCORMICK & CO INC (company) — Filer
- 20240831 (date) — Period of Report
- 20241001 (date) — Filing Date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is August 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 1, 2024.
What is McCormick & Company's fiscal year end?
McCormick & Company's fiscal year ends on November 30.
What is the company's Standard Industrial Classification code?
The company's SIC code is 2090, for Miscellaneous Food Preparations & Kindred Products.
What is the SEC file number for McCormick & Company?
The SEC file number for McCormick & Company is 001-14920.
Filing Stats: 4,727 words · 19 min read · ~16 pages · Grade level 7.6 · Accepted 2024-10-01 16:07:34
Key Financial Figures
- $0.01 — ich registered Common Stock, Par Value $0.01 per share MKC.V New York Stock Exchange
Filing Documents
- mkc-20240831.htm (10-Q) — 1503KB
- mkc-08312024xex311.htm (EX-31.1) — 8KB
- mkc-08312024xex312.htm (EX-31.2) — 8KB
- mkc-08312024xex321.htm (EX-32.1) — 4KB
- mkc-08312024xex322.htm (EX-32.2) — 5KB
- 0000063754-24-000064.txt ( ) — 7697KB
- mkc-20240831.xsd (EX-101.SCH) — 41KB
- mkc-20240831_cal.xml (EX-101.CAL) — 58KB
- mkc-20240831_def.xml (EX-101.DEF) — 285KB
- mkc-20240831_lab.xml (EX-101.LAB) — 568KB
- mkc-20240831_pre.xml (EX-101.PRE) — 440KB
- mkc-20240831_htm.xml (XML) — 1321KB
– 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 August 31, Nine months ended August 31, 2024 2023 2024 2023 Net sales $ 1,679.8 $ 1,684.7 $ 4,925.7 $ 4,909.4 Cost of goods sold 1,029.9 1,061.9 3,056.9 3,108.2 Gross profit 649.9 622.8 1,868.8 1,801.2 Selling, general and administrative expense 361.5 371.7 1,106.8 1,088.3 Special charges 1.9 6.1 7.9 47.1 Operating income 286.5 245.0 754.1 665.8 Interest expense 53.5 52.7 156.7 155.5 Other income, net 13.2 7.1 36.7 30.7 Income from consolidated operations before income taxes 246.2 199.4 634.1 541.0 Income tax expense 41.0 42.7 116.8 117.4 Net income from consolidated operations 205.2 156.7 517.3 423.6 Income from unconsolidated operations 17.9 13.4 56.0 37.7 Net income $ 223.1 $ 170.1 $ 573.3 $ 461.3 Earnings per share – basic $ 0.83 $ 0.63 $ 2.13 $ 1.72 Earnings per share – diluted $ 0.83 $ 0.63 $ 2.13 $ 1.71 Average shares outstanding – basic 268.6 268.4 268.5 268.4 Average shares outstanding – diluted 269.7 270.1 269.6 269.8 Cash dividends paid per share – voting and non-voting $ 0.42 $ 0.39 $ 1.26 $ 1.17 Cash dividends declared per share – voting and non-voting $ 0.42 $ 0.39 $ 0.84 $ 0.78 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 August 31, Nine months ended August 31, 2024 2023 2024 2023 Net income $ 223.1 $ 170.1 $ 573.3 $ 461.3 Net income attributable to non-controlling interest 2.1 0.7 6.0 3.5 Other comprehensive income (loss): Unrealized components of pension and other postretirement plans ( 1.6 ) ( 0.6 ) ( 2.8 ) ( 2.5 ) Currency translation adjustments ( 5.0 ) 28.8 ( 0.4 ) 85.8 Change in derivative financial instruments 0.7 8.4 ( 3.1 ) ( 5.4 ) Tax benefit 3