Urea Strippers Market Outlook By Industry Size, Share, Revenue, Regions and Top Key Players Analysis

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Japan, Japan, Fri, 05 Feb 2021 02:56:56 / Comserve Inc. / — Urea Strippers Market Outlook and Forecasts By Top Manufacturers, Production, Consumption, Trade Statistics,Size, Analysis ,Growth Analysis & Regional Analysis (Latin America, North America, Asia Specific, Europe, Middle East )

Market Overview:
Global Urea Strippers Market is valued approximately USD 40.31 million in 2019 and is anticipated to grow with a healthy growth rate of more than 3 % over the forecast period 2020-2027. Urea strippers are used to decompose carbamate into ammonia and carbon dioxide from urea solution leaving the reactor. They are operated under full system pressure so that they can provide maximum gas-liquid contact. Further, extensive use of fertilizers and also the growing applications as non-fertilizers like urea-formaldehyde resins, melamine-formaldehyde resins and livestock feed led the adoption of more urea strippers across the forecast period. With the continuous rise in global population, the demand for the food will keep on rising., this will impact positively on the urea strippers market as they are used in many manufacturing industries. For instance, according to the study by by UN Food and Agricultural Organization (FAO) in 2009, farmers will produce about 70% more food by 2050 to satisfy the food needs of 9.9 billion predicted populations. This will lead to growing use of urea strippers to have higher crop yield and production. However, discharge of harmful pollutants from its manufacturing process causing loss of soil fertility has led to the strict regulations against urea in agriculture which may impede the growth of the market over the forecast period of 2020-2027. Also, opportunity of the market with the increasing demand for agricultural products and efficient utilization of the available resources, the adoption & demand for urea strippers is likely to increase. The growing demand for food will directly drive the growth rate of urea strippers market.

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The regional analysis of global Urea Strippers Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the rising investment in construction and polymer industries in the chemical sector. Governments in the region have been launching major projects to increase the agricultural base and making it more efficient such as Climate-Smart Agriculture (CSA). Such projects are beneficial directly to urea strippers market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising population, rising food demand, increasing use of urea in end-use industries, locally driven market and their application in various sectors would create lucrative growth prospects for the Urea Strippers Market across Asia-Pacific region.

Major market player included in this report are:
Larson & Toubro
Saipem S.p.A.
Stamicarbon
Urea Casale
TOYO India
ALFA LAVAL
NIIK
Thyssenkrupp
FLOWTRONIX
Isgec Heavy Engineering Ltd

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:
By Material of Construction:
Duplex Steel
Stainless Steel
Zirconium
Others

By Capacity:
Upto 1,000 MTPD
1,000-1,500 MTPD
1,500-3,500 MTPD
Above 3,500 MTPD

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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Urea Strippers Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Table of Content
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Million)
1.2.1. Urea Strippers Market, by Region, 2018-2027 (USD Million)
1.2.2. Urea Strippers Market, by Material of Construction, 2018-2027 (USD Million)
1.2.3. Urea Strippers Market, by Capacity, 2018-2027 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Urea Strippers Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Urea Strippers Market Dynamics
3.1. Urea Strippers Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Urea Strippers Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Urea Strippers Market, by Material of Construction
5.1. Market Snapshot
5.2. Global Urea Strippers Market by Material of Construction, Performance – Potential Analysis
5.3. Global Urea Strippers Market Estimates & Forecasts by Material of Construction 2017-2027 (USD Million)
5.4. Urea Strippers Market, Sub Segment Analysis
5.4.1. Duplex Steel
5.4.2. Stainless Steel
5.4.3. Zirconium
5.4.4. Others
Chapter 6. Global Urea Strippers Market, by Capacity
6.1. Market Snapshot
6.2. Global Urea Strippers Market by Capacity, Performance – Potential Analysis
6.3. Global Urea Strippers Market Estimates & Forecasts by Capacity 2017-2027 (USD Million)
6.4. Urea Strippers Market, Sub Segment Analysis
6.4.1. Upto 1,000 MTPD
6.4.2. 1,000-1,500 MTPD
6.4.3. 1,500-3,500 MTPD
6.4.4. Above 3,500 MTPD
Chapter 7. Global Urea Strippers Market, Regional Analysis
7.1. Urea Strippers Market, Regional Market Snapshot
7.2. North America Urea Strippers Market
7.2.1. U.S. Urea Strippers Market
7.2.1.1. Material of Construction breakdown estimates & forecasts, 2017-2027
7.2.1.2. Capacity breakdown estimates & forecasts, 2017-2027
7.2.2. Canada Urea Strippers Market
7.3. Europe Urea Strippers Market Snapshot
7.3.1. U.K. Urea Strippers Market
7.3.2. Germany Urea Strippers Market
7.3.3. France Urea Strippers Market
7.3.4. Spain Urea Strippers Market
7.3.5. Italy Urea Strippers Market
7.3.6. Rest of Europe Urea Strippers Market
7.4. Asia-Pacific Urea Strippers Market Snapshot
7.4.1. China Urea Strippers Market
7.4.2. India Urea Strippers Market
7.4.3. Japan Urea Strippers Market
7.4.4. Australia Urea Strippers Market
7.4.5. South Korea Urea Strippers Market
7.4.6. Rest of Asia Pacific Urea Strippers Market
7.5. Latin America Urea Strippers Market Snapshot
7.5.1. Brazil Urea Strippers Market
7.5.2. Mexico Urea Strippers Market
7.6. Rest of The World Urea Strippers Market

For more information about this report visit: >>Urea Strippers Market

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Hina Miyazu

Shibuya Data Count
Email: [email protected]
Tel: + 81 3 45720790

The post Urea Strippers Market Outlook By Industry Size, Share, Revenue, Regions and Top Key Players Analysis appeared first on Comserveonline.

COMTEX_380251135/2652/2021-02-05T02:59:09

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Poultry Diagnostics Market Revenue, Industry Growing Demand, Size, Share, Business Opportunities, Top Companies, Regional Outlook

The MarketWatch News Department was not involved in the creation of this content.

Japan, Japan, Fri, 05 Feb 2021 02:56:27 / Comserve Inc. / — Poultry Diagnostics Market Report Contain Size Analysis, Competitive Landscape, Revenue Status, Future Opportunities, Regional Analysis (Latin America, North America, Asia Specific, Europe, Middle East ) and Demand By Top Key Players

Market Overview:
Global Poultry Diagnostics Market is valued approximately USD 367.04 million in 2019 and is anticipated to grow with a healthy growth rate of more than 10.5 % over the forecast period 2020-2027. Poultry products have a wide global demand, including the vast meat industry, extensive demand and use of eggs in various industries, including food and personal care, and market growth is expected to occur significantly. Poultry diagnostics market covers virology, bacteriology, and parasitology, Zoonotic means that the disease/bug can be passed from one species to another. Infected poultry can affect the consumers product, one of them is salmonella disease in chickens. As per Centers for Disease Control and Prevention stated on 2018, over 1.2 million people got sick by salmonella per year and more than 450 people died. Chicken carry salmonella can affect the meat to contaminate and cause the consumer. Increasing disease outburst and spreading awareness among all regards the disease has reproduce the growth of market. However, the high costs and lack of awareness regarding the health of animals impedes the growth of the market over the forecast period of 2020-2027. Also, demand for Poultry driven food product and the increment in the government aided veterinary hospitals and clinics creates an opportunity for Poultry Diagnostics market.

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The regional analysis of global Poultry Diagnostics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increase in consumption of poultry-derived products, increased consumer awareness in terms of food safety, and increment in incidence of zoonotic diseases related with poultry. They have escalate the production of eggs, hen, in shell, in the region, as per the statistics published by the UNFAO.
Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising incidences of injuries and improving healthcare infrastructure would create lucrative growth prospects for the Poultry Diagnostics market across Asia-Pacific region.

Major market player included in this report are:
Affinitech Ltd.
Agrobiotek Internacional
BioChek
Bionote Inc.
Bioingentech Biotechnologies Inc.
Boehringer Ingelheim GmbH
GD Animal Health
Idexx Laboratories Inc.
IDVet
Megacor Diagnostik GmbH

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:
By Test Type:
Enzyme-linked Immunosorbent Assay Test
Polymerise Chain Reaction Test
Others
By Disease:
Avian Salmonellosis
Avian Influenza
Newcastle Disease
Avian Pasteurellosis
Encephalomyelitis
Infectious Bronchitis
Others
By Service:
Bacteriology
Virology
Parasitology

Download Sample of This Strategic Report: >>https://www.sdki.jp/sample-request-111581

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Poultry Diagnostics Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Table of Content
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Million)
1.2.1. Poultry Diagnostics Market, by Region, 2018-2027 (USD Million)
1.2.2. Poultry Diagnostics Market, by Test type, 2018-2027 (USD Million)
1.2.3. Poultry Diagnostics Market, by Disease Type, 2018-2027 (USD Million)
1.2.4. Poultry Diagnostics Market, by Service, 2018-2027 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Poultry Diagnostics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Poultry Diagnostics Market Dynamics
3.1. Poultry Diagnostics Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Poultry Diagnostics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Poultry Diagnostics Market, by Test type
5.1. Market Snapshot
5.2. Global Poultry Diagnostics Market by Test type, Performance – Potential Analysis
5.3. Global Poultry Diagnostics Market Estimates & Forecasts by Test type 2017-2027 (USD Million)
5.4. Poultry Diagnostics Market, Sub Segment Analysis
5.4.1. Enzyme-linked Immunosorbent Assay Test
5.4.2. Polymerise Chain Reaction Test
5.4.3. Others
Chapter 6. Global Poultry Diagnostics Market, by Disease Type
6.1. Market Snapshot
6.2. Global Poultry Diagnostics Market by Disease Type, Performance – Potential Analysis
6.3. Global Poultry Diagnostics Market Estimates & Forecasts by Disease Type 2017-2027 (USD Million)
6.4. Poultry Diagnostics Market, Sub Segment Analysis
6.4.1. Avian Salmonellosis
6.4.2. Avian Influenza
6.4.3. Newcastle Disease
6.4.4. Avian Pasteurellosis
6.4.5. Encephalomyelitis
6.4.6. Infectious Bronchitis
6.4.7. Others
Chapter 7. Global Poultry Diagnostics Market, by Service
7.1. Market Snapshot
7.2. Global Poultry Diagnostics Market by Service, Performance – Potential Analysis
7.3. Global Poultry Diagnostics Market Estimates & Forecasts by Service 2017-2027 (USD Million)
7.4. Poultry Diagnostics Market, Sub Segment Analysis
7.4.1. Bacteriology
7.4.2. Virology
7.4.3. Parasitology

For more information about this report visit: >>Poultry Diagnostics Market

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Hina Miyazu

Shibuya Data Count
Email: [email protected]
Tel: + 81 3 45720790

The post Poultry Diagnostics Market Revenue, Industry Growing Demand, Size, Share, Business Opportunities, Top Companies, Regional Outlook appeared first on Comserveonline.

COMTEX_380251037/2652/2021-02-05T02:57:14

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Asia-Pacific Airport Security Technologies Market Analysis With Impact of COVID-19, Top Companies, Trends, Demand, Future Opportunity Outlook 2020

The MarketWatch News Department was not involved in the creation of this content.

Feb 05, 2021 (AmericaNewsHour) —
The Asia-Pacific airport security markets are going through a major growth period. The airport security markets that were once dominated by North America are now quickly moving to Asia-Pacific with an expected 2015-2020 CAGR of 7.4% (compared to the U.S. CAGR of 4.8%).

According to the report, the Asia-Pacific airport security market growth is boosted by the following drivers:

The fast growth of the Asia-Pacific airport sector (e.g., 2 out of every 3 new airport projects in the world are in mainland China)
The region’s global air passenger volume growth
Replacement and upgrades of outdated systems
Growing aftersale revenues
The growing importance of enhanced airport security
Advancements in security infrastructure and screening technologies

The Final Report will cover the impact analysis of COVID-19 on this industry:

Download Sample of This Strategic Report:  
https://www.kennethresearch.com/sample-request-10073324

The need to streamline airport security processes and reduce passengers’ waiting time
New and maturing sectors and technologies such as automated border control kiosks, cargo screening, cybersecurity, airport perimeter security systems and advanced ICT technologies
The report examines each dollar spent in the market via 3 orthogonal money trails:

By 12 National Markets
Azerbaijan
Kazakhstan
Pakistan
India
China
Taiwan
South Korea
Japan
Singapore
Malaysia
Indonesia
Australia
By 15 Technology Markets:
Baggage & Cargo X-ray Scanners
Security Related ICT & Cybersecurity
Whole Body Scanners (AIT)
Explosive Detection Systems (EDS)
Security Related Baggage Handling Systems (BHS)
Explosives Trace Detectors (ETD)
Metal Detectors
Liquid Explosives Detectors
Shoe Scanners
Workforce ID Documents Screening Systems
Automated Border Control
CCTV & Radar Surveillance
C2/C4ISR Systems
Perimeter Fencing
Multi-modal Security Systems and Other Modalities
By 3 Revenue Sources:
New Product / System Sales
Aftersale Revenues

Planning, Consulting & Training
This Asia-Pacific Airport Security Technologies & Market – 2015-2020 report is a valuable resource for executives with interests in the industry. It has been explicitly customized for industry and urban decision-makers to identify business opportunities, developing technologies, market trends and risks, as well as to benchmark business plans.

Questions answered in this 2-volume 453-page report include:

What will the market size be in 2015-2020?
What are the main Airport Security technology trends?
Where and what are the Airport Security market opportunities?
What are the Airport Security market drivers and inhibitors?
Who are the key Airport Security vendors?
What are the challenges to the Airport Security market?
The Asia-Pacific Airport Security Technologies & Market – 2015-2020 report presents in 453 pages, 94 tables and 177 figures, analysis of current and pipeline technologies and 37 leading vendors. This report, granulated into 51 vertical and horizontal submarkets, provides for each submarket 2013-2014 data and analyses, and also projects the 2015-2020 market and technologies from several perspectives, including:

Business opportunities and challenges
SWOT analysis
Market analysis (e.g., market dynamics, market drivers and inhibitors)
Current and pipeline technologies by 15 technology markets (see list above)
Companies operating in the market (profiles, products and contact info): ADANI, American Science and Engineering Inc., Appealing Products Inc. (API), Auto Clear, BAHIA Corp (Sibel Ltd.), Biosensor Applications, Brijot Imaging Systems, CEIA, ChemSee, DetectaChem LLC, Fisher Labs, Flir Systems, Gilardoni SpA, Hitachi, IBM, Ion Applications Inc., Ketech Defence, L-3 Communications Security & Detection Systems, LIXI Inc., Lockheed Martin, MINXRAY Inc., MilliVision, Mistral Security Inc., Morpho Detection Inc., Nuctech Co. Ltd., QinetiQ Ltd., Rapiscan Security Products Inc., Red X Defense, Scanna MSC Ltd., Scent Detection Technologies, Scintrex Trace, Smiths Detection, Syagen Technology, TeraView, Thermo Electron Corporation, ThruVision Systems, Vidisco Ltd., Westminster International Ltd.

Request For Full Report: https://www.kennethresearch.com/sample-request-10073324

Recent Asia-Pacific Airports Passenger Security Screening Statistics at the region’s airports:
The report provides screening data at each and every Asia Pacific airport segmented by Country. For each country, all the airports with over 100,000 annual screened passengers are presented, including details on the number of screened passengers and the annual growth rate.

For readers who wish to acquire more information: the report includes 4 in-depth appendices:
Appendix A: IATA & ICAO “Checkpoint of the Future”
Appendix B: Airport Passenger Screening Checkpoints
Appendix C: IATA Passenger Growth Forecast
Appendix D: Abbreviations

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

Contact Us

Kenneth Research

Email:  [email protected]

Phone: +1 313 462 0609

The post Asia-Pacific Airport Security Technologies Market Analysis With Impact of COVID-19, Top Companies, Trends, Demand, Future Opportunity Outlook 2020 appeared first on America News Hour.

COMTEX_380243818/2606/2021-02-05T00:43:59

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McCormick Reports Strong 2020 Financial Results And Provides Outlook For 2021

HUNT VALLEY, Md., Jan. 28, 2021 /PRNewswire/ — McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today reported financial results for the fourth quarter and fiscal year ended November 30, 2020.

  • For the fiscal year 2020, sales rose 5% from the prior year, with minimal impact from currency. Significant Consumer segment growth of 10% was partially offset by a low single digit sales decline in the Flavor Solutions segment. Earnings per share increased to $2.78 from $2.62 in 2019. Adjusted earnings per share rose 6% to $2.83 from $2.68.
  • For the fourth quarter, sales increased 5% from the year-ago period. In constant currency, the Company grew sales 4% driven by growth in both segments. Earnings per share decreased to $0.74 from $0.79. Adjusted earnings per share decreased to $0.79 from $0.81 driven by higher brand marketing investments versus the fourth quarter of 2019.
  • Cash flow from operations grew 10% to a record $1 billion in 2020. In November, a 10% increase to the quarterly dividend was authorized, marking the 35th consecutive year of dividend increases.
  • For fiscal year 2021, McCormick expects to increase year-on-year sales by 7% to 9%, including the contribution of its Cholula and FONA acquisitions, or 5% to 7% in constant currency. The Company expects strong underlying business performance and the acquisitions to drive significant operating income and earnings per share growth, partially offset by an incremental investment in business transformation and a higher projected effective tax rate.

Chairman, President & CEO’s Remarks

Lawrence E. Kurzius, Chairman, President and CEO, stated, “2020 marked an extraordinary year for McCormick. We delivered strong results despite the disruption caused by the COVID-19 pandemic proving the strength of our business model, the value of our products and our capabilities as a company. The breadth and reach of our portfolio and the investments we have made, and continue to make, positioned us well to actively respond to changing consumer behavior and capitalize on new opportunities. I am incredibly proud of the way McCormick performed in such an unprecedented operating environment.

“Our fourth quarter 2020 results, with growth in both segments, completed a year of strong financial performance in which we grew sales, adjusted operating income and adjusted earnings per share driven by the engagement of our employees and the successful execution of our strategies. Our record cash flow from operations of $1 billion this year, coupled with the realization of $113 million in cost savings led by our CCI program, funded investments in brand marketing, new product innovation, information technology systems and our supply chain to sustainably meet growing demand and drive differentiated performance for years to come. Our sustained positive performance and outlook for continued growth was reflected in our 2-for-1 stock split effective at the end of fiscal 2020. In addition to these 2020 accomplishments, we further reinforced our global flavor leadership and are accelerating our growth platform through the recent acquisitions of Cholula and FONA. Cholula, an iconic brand and the leading Mexican hot sauce, further broadens our flavor offerings in a high-growth category. FONA, a leading manufacturer of flavors, increases the scale of our global flavors platform, expands our breadth in attractive categories and advances our health and wellness portfolio.

“Our focus on long-term sustainable growth and strengthening our organization is the foundation of our future. We are capitalizing on accelerating consumer trends, particularly the sustained shift to cooking more at home, increased digital engagement, clean and flavorful eating, and trusted brands, which we are confident will continue to persist even beyond the pandemic. The investments we have made, including in our supply chain resiliency and brand marketing, provide a foundation for growth while enhancing our agility and our relevance with our consumers and customers. We are well positioned for continued success and our 2021 outlook reflects another year of differentiated results while making additional investments for the future. Our fundamentals, momentum and growth outlook are stronger than ever.

“Finally, I want to express my deep appreciation for McCormick employees around the world for their continued hard work and dedication. The collective power of our people drives our growth momentum and success and we remain committed to supporting them and the communities where we live, work and source. With our vision to stand together for the future of flavor and our relentless focus on growth, performance and people, we are confident our strategies position us to continue our growth trajectory and build long-term value for our shareholders.”

Fourth Quarter 2020 Results

McCormick reported a 5% sales increase in the fourth quarter from the year-ago period, including a 1% favorable impact from currency. The Company grew sales in both segments with the Consumer segment growth driven by an increase in demand resulting from consumers cooking more at home and led by the Americas and Europe, Middle East and Africa (EMEA) regions, partially offset by a decline in the Asia/Pacific region related to away from home products included in its Consumer portfolio. In the Flavor Solutions segment, all regions contributed to growth.

Gross profit margin was comparable to the year-ago period with cost savings led by the Company’s Comprehensive Continuous Improvement (CCI) program, fully offset by COVID-19 related costs as well as increased transportation costs. Operating income decreased to $275 million in the fourth quarter of 2020 compared to $299 million in the year-ago period. This decline included $12 million of transaction expenses related to the acquisitions of Cholula and FONA as well as $3 million of special charges versus $4 million in the fourth quarter of last year. Excluding transaction expenses and special charges, adjusted operating income declined 4%, with minimal impact from currency, to $290 million in the fourth quarter compared to $303 million in the year-ago period. Growth from higher sales and CCI-led cost savings was more than offset by higher planned brand marketing investments, COVID-19 related costs and higher employee benefit expenses. 

Earnings per share was $0.74 in the fourth quarter of 2020 compared to $0.79 in the fourth quarter of 2019. Transaction expenses and special charges lowered earnings per share by $0.05 in the fourth quarter of 2020 while special charges lowered earnings per share by $0.02 in the fourth quarter of 2019. Excluding these impacts, adjusted earnings per share was $0.79 in the fourth quarter of 2020 compared to $0.81 in the year-ago period. This 2% decline in adjusted earnings per share was driven primarily by lower adjusted operating income, partially offset by lower interest expense.

Fiscal Year 2020 Results

McCormick reported a 5% sales increase in 2020 compared to 2019, with minimal impact from currency. The Company significantly grew Consumer segment sales driven by an increase in demand resulting from consumers cooking more at home and fueled by the Company’s brand marketing, strong consumer digital engagement and new products. Partially offsetting this growth was a decline in the Flavor Solutions segment sales as COVID-19 restrictions in most markets as well as consumer reluctance to dine-out reduced demand from restaurant and other foodservice customers.

Gross profit margin increased 100 basis points versus the year-ago period. This expansion was driven by favorable product mix and cost savings led by the Company’s CCI program, partially offset by COVID-19 related costs. Operating income was $1.00 billion in 2020 compared to $958 million in the prior year. This increase was driven by higher sales, gross margin expansion and lower special charges. Partially offsetting this increase was higher incentive compensation expense and brand marketing investments as well as transaction expenses related to the Cholula and FONA acquisitions. In fiscal 2020, the Company recognized $12 million of transaction expenses as well as $7 million of special charges related to organization and streamlining actions compared to $21 million of special charges in 2019. Excluding transaction expenses and special charges, adjusted operating income grew 4% to $1.02 billion compared to $979 million in the year-ago period, or 5% in constant currency.

Earnings per share was $2.78 in 2020 compared to $2.62 in the prior year. Transaction expenses and special charges lowered earnings per share by $0.05 in 2020 while special charges lowered earnings per share by $0.06 in 2019. Excluding these impacts, adjusted earnings per share grew to $2.83 in 2020 compared to $2.68 in 2019, driven primarily by higher adjusted operating income and lower interest expense with a partial offset from a higher adjusted income tax rate. This resulted in a 6% year-over-year increase in adjusted earnings per share, which includes an unfavorable impact of foreign currency rates.

The Company continues to generate strong cash flow. Net cash provided by operating activities reached a record $1.04 billion in 2020, a 10% increase from $947 million in 2019. The strong operating cash flow was mainly driven by higher operating income. As the Company continues to focus on paying down debt, a portion of this cash was used to fully pay off the term loans related to the acquisition of its Frank’s RedHot and French’s brands.

Fiscal Year 2021 Financial Outlook 

McCormick is capitalizing on the sustained shift to cooking more at home and the growing consumer interests in clean and flavorful eating, increased digital engagement, trusted brands and purpose-minded practices. These long-term trends have accelerated during the COVID-19 pandemic and are expected to persist beyond the pandemic. The Company expects the shift in consumer demand to at-home consumption to be sustained at higher than pre-pandemic levels, as well as a gradual recovery in the demand from restaurant and other foodservice customers which have been impacted by the curtailment of away from home dining. The strength and diversity of McCormick’s product offering is expected to drive continued consistency in performance during volatile times. McCormick is well positioned for continued growth through the combination of its alignment with these consumer trends, the breadth and reach of its flavor portfolio and its effective growth strategies.

In 2021, the Company expects to grow sales by 7% to 9% compared to 2020, which in constant currency is 5% to 7% and includes the incremental impact of the Cholula and FONA acquisitions. McCormick expects to drive organic sales growth in both its Consumer and Flavor Solutions segments in 2021 driven by brand marketing, new products, category management and differentiated customer engagement.

Operating income in 2021 is expected to grow by 4% to 6% from $1.00 billion in 2020. The Company anticipates transaction and integration expenses related to the Cholula and FONA acquisitions of approximately $50 million in 2021. In addition, McCormick currently expects approximately $8 million of special charges in 2021 that relate to previously announced organization and streamlining actions. Excluding the impact of transaction and integration expenses as well as special charges in 2021 and 2020, adjusted operating income is expected to increase 8% to 10%, which in constant currency is 6% to 8%. This expected growth range includes strong base business growth and acquisition contribution partially offset by a 4% impact from incremental 2021 business transformation and first-half volume driven COVID-19 expenses.

McCormick projects 2021 earnings per share to be in the range of $2.71 to $2.76, compared to $2.78 of earnings per share in 2020. The Company expects transaction and integration expenses, including an unfavorable income tax expense impact from a discrete item related to the acquisition of FONA, as well as special charges, to lower earnings per share by $0.20 in 2021. Excluding these impacts, the Company projects 2021 adjusted earnings per share to be in the range of $2.91 to $2.96 which represents an expected increase of 3% to 5%, or in constant currency 1% to 3%. This reflects strong base business growth and acquisition contribution, partially offset by a 4% impact from incremental 2021 business transformation and COVID-19 expenses and a 4% headwind from an anticipated increase in the projected adjusted effective tax rate to approximately 23%. For fiscal year 2021, the Company projects another year of strong cash flow, with plans to return a significant portion to McCormick’s shareholders through dividends and to pay down debt.

Business Segment Results

Consumer Segment

(in millions)


Three months ended


Twelve months ended



11/30/2020


11/30/2019


11/30/2020


11/30/2019

Net sales


$

1,023.7



$

966.6



$

3,596.7



$

3,269.8


Operating income, excluding special
charges and transaction expenses


220.7



226.7



780.9



676.3


Consumer segment sales increased 6% from the fourth quarter of 2019. In constant currency, sales increased 5% driven by the Americas and EMEA regions as a result of the continued shift to cooking more at home.

  • Consumer sales in the Americas rose 6% compared to the fourth quarter of 2019, with minimal impact from currency. The increase was driven by growth across many McCormick brands with particular strength in Lawry’s, Frank’s RedHot, French’s, Zatarain’s, Simply Asia, and Thai Kitchen.
  • Consumer sales in EMEA increased 15% compared to the year-ago period, and in constant currency increased 10%. The sales growth was broad based across the region with particular strength in branded spices and seasonings and homemade dessert products.
  • Consumer sales in the Asia/Pacific region declined 7% compared to the year-ago period, and in constant currency declined 10%. This decrease was driven by products related to away from home consumption.

Consumer segment operating income, excluding special charges and transaction expenses, decreased 2% to $221 million in the fourth quarter of 2020 compared to $227 million in the year-ago period. In constant currency, Consumer operating income decreased 3%. The decline was driven by an 18% increase in brand marketing, COVID-19 related costs and higher employee benefit expenses, partially offset by higher sales and CCI-led cost savings.

Flavor Solutions Segment

(in millions)


Three months ended


Twelve months ended



11/30/2020


11/30/2019


11/30/2020


11/30/2019

Net sales


$

534.2



$

518.2



$

2,004.6



$

2,077.6


Operating income, excluding special
charges and transaction expenses


69.5



76.4



237.9



302.2


Flavor Solutions segment sales increased 3% compared to the fourth quarter of 2019 with minimal impact from currency and increases in each of the Company’s three regions.

  • Flavor Solutions sales in the Americas increased 1% from the year-ago period and in constant currency increased 2%. Higher sales to packaged food companies drove the increase, with a partial offset from lower sales to quick service restaurant and branded foodservice customers.
  • The EMEA region’s Flavor Solutions sales increased 7% versus the year-ago period and in constant currency increased 5%. This increase was driven by higher sales to packaged food companies, partially offset by a reduction in sales to branded foodservice and quick service restaurant customers.
  • The Asia/Pacific region’s Flavor Solutions sales grew 11% compared to the fourth quarter of 2019. In constant currency, sales increased 7%. The sales increase was driven by higher sales to quick service restaurants in China and Australia.

Flavor Solutions segment operating income, excluding special charges and transaction expenses, declined 9% to $70 million in the fourth quarter of 2020 compared to $76 million in the year-ago period. In constant currency, flavor solutions operating income decreased 8%. The decline was driven by unfavorable product mix, COVID-19 related costs and higher employee benefit expenses with a partial offset from higher sales and CCI-led cost savings.

Non-GAAP Financial Measures

The tables below include financial measures of adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income and adjusted diluted earnings per share, each excluding the impact of special charges for each of the periods presented. For 2020, these financial measures also exclude transaction and integration expenses. For 2019, these financial measures also exclude the net non-recurring income tax benefit related to the U.S. Tax Act as this impacts comparability between years. Adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income and adjusted diluted earnings per share represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. These financial measures exclude the impact, as applicable, of the following:

In our consolidated income statement, we include a separate line item captioned “Special charges” in arriving at our consolidated operating income. Special charges consist of expenses associated with certain actions undertaken by the company to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Upon presentation of any such proposed action (including details with respect to estimated costs, expected benefits and expected timing) to the Management Committee and the Committee’s advance approval, expenses associated with the approved action are classified as special charges upon recognition and monitored on an on-going basis through completion.

Transaction and integration expenses associated with the Cholula and FONA acquisitions – We exclude certain costs associated with our acquisitions of Cholula and FONA in November and December 2020, respectively, and their subsequent integration into the Company. Such costs, which we refer to as “Transaction and integration expenses”, include transaction costs associated with the acquisition, as well as integration costs following the acquisition, including the impact of any acquisition date fair value adjustment for inventory, together with the impact of discrete tax items, if any, directly related to each acquisition.

Income taxes associated with the U.S. Tax Act in December 2017, which was enacted in December 2017, consists of a net income tax benefit of $1.5 million related to the one-time transition tax on previously unremitted earnings of non-U.S. subsidiaries recognized in the year ended November 30, 2019 associated with a provision-to-return adjustment related to the U.S. Tax Act.

We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.

These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies because other companies may not calculate them in the same manner that we do. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP financial measures to the related GAAP financial measures is provided below:

(in millions except per share data)

Three Months Ended


Twelve Months Ended


11/30/2020


11/30/2019


11/30/2020


11/30/2019

Operating income

$

274.9



$

299.2



$

999.5



$

957.7


Impact of transaction and integration expenses

12.4





12.4




Impact of special charges

2.9



3.9



6.9



20.8


Adjusted operating income

$

290.2



$

303.1



$

1,018.8



$

978.5


% (decrease) increase versus year-ago period

(4.3)

%




4.1

%



Adjusted operating income margin (1)

18.6

%


20.4

%


18.2

%


18.3

%









Income tax expense

$

57.5



$

66.4



$

174.9



$

157.4


Non-recurring benefit of the U.S. Tax Act







1.5


Impact of transaction and integration expenses

1.9





1.9




Impact of special charges

0.9



0.9



2.1



4.7


Adjusted income tax expense

$

60.3



$

67.3



$

178.9



$

163.6


Adjusted income tax rate (2)

22.9

%


24.7

%


19.9

%


19.5

%









Net income

$

200.7



$

213.4



$

747.4



$

702.7


Impact of transaction and integration expenses

10.5





10.5




Impact of special charges

2.0



3.0



4.8



16.1


Non-recurring benefit of the U.S. Tax Act







(1.5)


Adjusted net income

$

213.2



$

216.4



$

762.7



$

717.3


% (decrease) increase versus year-ago period

(1.5)

%




6.3

%











Earnings per share – diluted

$

0.74



$

0.79



$

2.78



$

2.62


Impact of transaction and integration expenses

0.04





0.04




Impact of special charges

0.01



0.02



0.01



0.06


Adjusted earnings per share – diluted

$

0.79



$

0.81



$

2.83



$

2.68


% (decrease) increase versus year-ago period

(2.5)

%




5.6

%





(1)

Adjusted operating income margin is calculated as adjusted operating income as a percentage of net sales for each period presented.




(2)

Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before
income taxes excluding special charges or $262.9 million and $900.8 million for the three and twelve months ended November 30, 2020,
respectively and $272.0 million and $840.0 million for the three and twelve months ended November 30, 2019, respectively.

Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes have been volatile over the past several years. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed “on a constant currency basis”, is a non-GAAP measure. We believe that this non-GAAP measure provides additional information that enables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results).

Percentage changes in sales and adjusted operating income expressed in “constant currency” are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average exchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. Constant currency growth rates follow:




Three Months Ended November 30, 2020




Percentage Change
as Reported


Impact of Foreign
Currency Exchange


Percentage Change on
Constant Currency
Basis

Net sales








Consumer segment








  Americas



5.5%


—%


5.5%

  EMEA



15.2%


5.4%


9.8%

  Asia/Pacific



(6.5)%


3.4%


(9.9)%

Total Consumer segment



5.9%


1.2%


4.7%

Flavor Solutions segment








  Americas



0.9%


(1.0)%


1.9%

  EMEA



6.6%


1.4%


5.2%

  Asia/Pacific



10.8%


3.7%


7.1%

Total Flavor Solutions segment



3.1%


—%


3.1%

  Total net sales



4.9%


0.8%


4.1%

Adjusted operating income








   Consumer segment



(2.6)%


0.7%


(3.3)%

   Flavor Solutions segment



(9.0)%


(1.1)%


(7.9)%

Total adjusted operating income



(4.3)%


0.3%


(4.6)%






Twelve Months Ended November 30, 2020




Percentage Change
as Reported


Impact of Foreign
Currency Exchange


Percentage Change on
Constant Currency
Basis

Net sales








Consumer segment








Americas



13.9%


(0.1)%


14.0%

EMEA



14.5%


0.2%


14.3%

Asia/Pacific



(16.6)%


(1.5)%


(15.1)%

Total Consumer segment



10.0%


(0.3)%


10.3%

Flavor Solutions segment








Americas



(3.5)%


(1.0)%


(2.5)%

EMEA



(5.5)%


(1.3)%


(4.2)%

Asia/Pacific



0.4%


(1.2)%


1.6%

Total Flavor Solutions segment



(3.5)%


(1.1)%


(2.4)%

Total net sales



4.7%


(0.6)%


5.3%

Adjusted operating income








Consumer segment



15.5%


(0.2)%


15.7%

Flavor Solutions segment



(21.3)%


(1.6)%


(19.7)%

Total adjusted operating income



4.1%


(0.7)%


4.8%

To present “constant currency” information for the fiscal year 2021 projection, projected sales and adjusted operating income for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the company’s budgeted exchange rates for 2021 and are compared to the 2020 results, translated into U.S. dollars using the same 2021 budgeted exchange rates, rather than at the average actual exchange rates in effect during fiscal year 2020. To estimate the percentage change in adjusted earnings per share on a constant currency basis, a similar calculation is performed to arrive at adjusted net income divided by historical shares outstanding for fiscal year 2020 or projected shares outstanding for fiscal year 2021, as appropriate.


Projection for the Year Ending November 30, 2021

Percentage change in net sales

7% to 9%

Impact of favorable foreign currency exchange rates

2%

Percentage change in net sales in constant currency

5% to 7%



Percentage change in adjusted operating income

8% to 10%

Impact of favorable foreign currency exchange rates

2%

Percentage change in adjusted operating income in
constant currency

6% to 8%



Percentage change in adjusted earnings per share

3% to 5%

Impact of favorable foreign currency exchange rates


2%

Percentage change in adjusted earnings per share in
constant currency

1% to 3%

The following provides a reconciliation of our estimated earnings per share to adjusted earnings per share for 2021 and actual results for 2020:


Twelve Months Ended


2021 Projection


11/30/20

Earnings per share – diluted

$2.71 to $2.76


$2.78

Impact of transaction and integration expenses

0.18


0.04

Impact of special charges

0.02


0.01

Adjusted earnings per share

$2.91 to $2.96


$2.83

Live Webcast

As previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. The conference call will be webcast live via the McCormick website. Go to ir.mccormick.com and follow directions to listen to the call and access the accompanying presentation materials. At this same location, a replay of the call will be available following the live call. Past press releases and additional information can be found at this address.

Forward-looking Information

Certain information contained in this release, including statements concerning expected performance, such as those relating to net sales, volume and product mix, gross margins, earnings, cost savings, brand marketing support, transaction and integration expenses, special charges, acquisitions, income tax expense and the impact of foreign currency rates are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as “may,” “will,” “expect,” “should,” “anticipate,” “intend,” “believe” and “plan.” These statements may relate to: the impact of COVID-19 on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of COVID-19; the expected results of operations of businesses acquired by the company, including the acquisitions of Cholula and FONA; the expected impact of material costs and pricing actions on the company’s results of operations and gross margins; the expected impact of productivity improvements, including those associated with our Comprehensive Continuous Improvement (“CCI”) program and global enablement initiative; expected working capital improvements; expectations regarding growth potential in various geographies and markets, including the impact from customer, channel, category, and e-commerce expansion; expected trends in net sales and earnings performance and other financial measures; the expected timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (“ERP”) system; the expected impact of accounting pronouncements; the expectations of pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable the payments of interest and repayment of short- and long-term debt as well as quarterly dividends and the ability to issue additional debt or equity securities; and expectations regarding purchasing shares of McCormick’s common stock under the existing repurchase authorization.

These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the company’s ability to drive revenue growth; damage to the company’s reputation or brand name; loss of brand relevance; increased private label use; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preferences and demand; business interruptions due to natural disasters, unexpected events or public health crises, including COVID-19; issues affecting the company’s supply chain and raw materials, including fluctuations in the cost and availability of raw and packaging materials;  government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses, including the acquisitions of Cholula and FONA; global economic and financial conditions generally, including the impact of the exit of the U.K. from the European Union, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of increased level of debt service following the Cholula and FONA acquisitions as well as the effects that such increased debt service may have on the company’s ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the company’s information technology systems, including the threat of data breaches and cyber-attacks; the company’s inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, regarding the U.S. Tax Act enacted on December 22, 2017 and volatility in our effective tax rate; climate change; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the company’s inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; and other risks described in the company’s filings with the Securities and Exchange Commission.

Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With over $5 billion in annual sales across 160 countries and territories, we manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry including e-commerce channels, grocery, food manufacturers and foodservice businesses. Our most popular brands include McCormick, French’s, Frank’s RedHot, Stubb’s, OLD BAY, Lawry’s, Zatarain’s, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane and Gourmet Garden. Every day, no matter where or what you eat or drink, you can enjoy food flavored by McCormick.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose – To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable and delicious go hand in hand. To learn more, visit www.mccormickcorporation.com or follow McCormick & Company on Twitter, Instagram and LinkedIn.

For information contact:

Investor Relations:
Kasey Jenkins (410) 771-7140 or [email protected]

Corporate Communications:
Lori Robinson (410) 527-6004 or [email protected]

(Financial tables follow)

Fourth Quarter Report


McCormick & Company, Incorporated










Consolidated Income Statement
(Unaudited)









(In millions except per-share data)











Three months ended


Twelve months ended



November 30,
2020


November 30,
2019


November 30,
2020


November 30,
2019

Net sales


$

1,557.9



$

1,484.8



$

5,601.3



$

5,347.4


Cost of goods sold


897.2



854.8



3,300.9



3,202.1


Gross profit


660.7



630.0



2,300.4



2,145.3


Gross profit margin


42.4

%


42.4

%


41.1

%


40.1

%

Selling, general and administrative
expense


370.5



326.9



1,281.6



1,166.8


Transaction and integration expenses


12.4





12.4




Special charges


2.9



3.9



6.9



20.8


Operating income


274.9



299.2



999.5



957.7


Interest expense


32.4



38.5



135.6



165.2


Other income, net


5.1



7.4



17.6



26.7


Income from consolidated operations
before income taxes


247.6



268.1



881.5



819.2


Income tax expense


57.5



66.4



174.9



157.4


Net income from consolidated operations


190.1



201.7



706.6



661.8


Income from unconsolidated
operations


10.6



11.7



40.8



40.9


Net income


$

200.7



$

213.4



$

747.4



$

702.7











Earnings per share – basic


$

0.75



$

0.80



$

2.80



$

2.65











Earnings per share – diluted


$

0.74



$

0.79



$

2.78



$

2.62











Average shares outstanding – basic


267.0



266.0



266.5



265.1


Average shares outstanding – diluted


269.7



268.6



269.1



268.1


Fourth Quarter Report

McCormick & Company, Incorporated






Consolidated Balance Sheet (Unaudited)





(In millions)







November 30, 2020


November 30, 2019

Assets





Cash and cash equivalents


$

423.6



$

155.4


Trade accounts receivable, net


528.5



502.9


Inventories


1,032.6



801.2


Prepaid expenses and other current assets


98.9



90.7


Total current assets


2,083.6



1,550.2


Property, plant and equipment, net


1,028.4



952.6


Goodwill


4,986.3



4,505.2


Intangible assets, net


3,239.4



2,847.0


Investments and other assets


752.0



507.1


Total assets


$

12,089.7



$

10,362.1







Liabilities





Short-term borrowings and current portion of long-term debt


$

1,150.6



$

698.4


Trade accounts payable


1,032.3



846.9


Other accrued liabilities


863.6



609.1


Total current liabilities


3,046.5



2,154.4


Long-term debt


3,753.8



3,625.8


Deferred taxes


727.2



697.6


Other long-term liabilities


622.2



427.6


Total liabilities


8,149.7



6,905.4


Shareholders’ equity





Common stock


1,981.3



1,888.6


Retained earnings


2,415.6



2,055.8


Accumulated other comprehensive loss


(470.8)



(500.2)


Total McCormick shareholders’ equity


3,926.1



3,444.2


Non-controlling interests


13.9



12.5


Total shareholders’ equity


3,940.0



3,456.7


Total liabilities and shareholders’ equity


$

12,089.7



$

10,362.1


Fourth Quarter Report


McCormick & Company, Incorporated






Consolidated Cash Flow Statement (Unaudited)





(In millions)







Twelve Months Ended



November 30, 2020


November 30, 2019

Operating activities





Net income


$

747.4



$

702.7


Adjustments to reconcile net income to net cash provided by
operating activities:





Depreciation and amortization


165.0



158.8


Stock-based compensation


46.0



37.2


Loss (gain) on sale of assets


3.0



(1.6)


Deferred income tax (benefit) expense


(11.2)



20.9


Income from unconsolidated operations


(40.8)



(40.9)


Changes in operating assets and liabilities


102.6



38.0


Dividends from unconsolidated affiliates


29.3



31.7


Net cash flow provided by operating activities


1,041.3



946.8







Investing activities





Acquisition of business


(803.0)




Capital expenditures (including software)


(225.3)



(173.7)


Other investing activities


2.7



2.7


Net cash flow used in investing activities


(1,025.6)



(171.0)







Financing activities





Short-term borrowings, net


286.5



41.0


Long-term debt borrowings


527.0




Payment of debt issuance costs


(1.1)




Long-term debt repayments


(257.7)



(447.7)


Proceeds from exercised stock options


56.6



90.9


Taxes withheld and paid on employee stock awards


(13.0)



(12.7)


Common stock acquired by purchase


(47.3)



(95.1)


Dividends paid


(330.1)



(302.2)


Net cash flow provided by (used in) financing activities


220.9



(725.8)







Effect of exchange rate changes on cash and cash equivalents


31.6



8.8


Increase in cash and cash equivalents


268.2



58.8


Cash and cash equivalents at beginning of period


155.4



96.6







Cash and cash equivalents at end of period


$

423.6



$

155.4


SOURCE McCormick & Company, Incorporated

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