McCormick Peppered With Opportunities to Extend Sales and Profit Gains, but Shares Not a Bargain
Wide-moat McCormick again bucked the sluggish top-line fate that has plagued its packaged food peers, chalking up 5% underlying sales growth in the fourth quarter; this reflected 2% higher prices and a 3% benefit from increased volume and favorable mix. Even more impressive, this growth hasn’t come at the expense of profitability, as McCormick expanded its adjusted gross margin 180 basis points to 45.8%. We attribute its solid financial performance to the strength of McCormick’s brand mix, entre...McCormick & Co. manufactures, markets and distributes spices, seasoning mixes, condiments and other flavor products to the food industry- retailers, food manufacturers and foodservice businesses. The company also is partner in a number of joint ventures that are involved in the manufacture and sale of flavor products. The company's business segments comprised of: consumer, in which the company markets its products to customers and supplies private label items, known as store brands; and flavor solutions, which provides a range of flavor solutions including seasoning blends, spices and herbs, condiments, coating systems and compound flavors.
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