McCORMICK REPORTS THIRD QUARTER PERFORMANCE AND REAFFIRMS 2024 OUTLOOK
- Sales in the third quarter were comparable to the year-ago period, reflecting volume growth of 1%, partially offset by price.
-
Operating income was
$287 million in the third quarter compared to$245 million in the year-ago period. Adjusted operating income was$288 million compared to$251 million in the year-ago period. -
Earnings per share was
$0.83 in the third quarter as compared to$0.63 in the year-ago period. Adjusted earnings per share was$0.83 compared to$0.65 in the year-ago period. - For fiscal year 2024, McCormick reaffirmed its sales and operating profit growth outlook, reflecting minimal impact from currency. In addition, the Company increased its earnings per share outlook.
-
The Company plans to host its Investor Day on
October 22, 2024 inHunt Valley, Maryland .
President and CEO's Remarks
"We continue to strengthen our business across major markets and core categories by executing with speed and agility on the initiatives within our growth levers, including brand marketing, new products and packaging, category management, and proprietary technology. Additionally, we believe we are well positioned with our cost savings initiatives to fuel investments and generate operating margin expansion. Our year to date results coupled with our growth plans reinforce our confidence in achieving the mid to high-end of our projected sales growth for 2024. Our business fundamentals are strong, and we expect to continue to deliver profitable growth and drive shareholder value.
"Overall, we remain confident in the sustained trajectory of our business, and in our ability to deliver on our 2024 outlook and long-term financial objectives. Our commitment is underpinned by our proven track record, our broad and advantaged global portfolio, our alignment with consumer trends, as well as our differentiated heat platform. We look forward to sharing the strategic roadmap and building blocks that support our long-term objectives at our upcoming Investor Day.
"Lastly, I want to express my appreciation to McCormick employees worldwide. They are the foundation of our success. Their dedication, continuous contributions, and execution in a dynamic environment continue to inspire me. As a leadership team, we are committed to continuing to enhance our people-centric culture and developing the next generation of leaders and capabilities that will drive our success well into the future."
Third Quarter 2024 Results
McCormick reported sales in the third quarter that were comparable to the year-ago period, with minimal impact from currency. Sales include the impact of the Company's strategic decision to divest a small canning business and reflect 1% volume growth driven by the Consumer segment, partially offset by pricing.
Gross profit margin expanded 170 basis points versus the third quarter of last year. This expansion was driven by favorable mix as well as cost savings led by the Company's Comprehensive Continuous Improvement (CCI) program.
Operating income increased to
Income tax expense for the quarter included
Earnings per share was
Net cash provided by operating activities through the third quarter of 2024 was
Fiscal Year 2024 Financial Outlook
McCormick's 2024 outlook reflects the Company's commitment to strengthen volume trends and prioritize investments to drive profitable results and return to differentiated volume-led growth as the year progresses. The Company's CCI and GOE programs are fueling growth investments while also driving operating margin expansion. The Company expects the impact of foreign currency rates in 2024 to be minimal.
In 2024, McCormick expects sales to range between (1)% to 1% compared to 2023, with minimal impact from currency. The Company expects a favorable impact from the prior year's pricing actions. Through the power of its brands and its targeted investments, the Company expects to improve volume trends as the year progresses. The Company's strategic decisions in 2023 to discontinue low margin business and divest a small canning business will impact volume growth in 2024.
Operating income in 2024 is expected to grow by 9% to 11% from
McCormick projects 2024 earnings per share to be in the range of
Business Segment Results
Consumer Segment
|
(in millions) |
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Three months ended |
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Nine months ended |
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|
|
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Net sales |
|
$ 937.4 |
|
$ 937.1 |
|
$ 2,763.4 |
|
$ 2,758.7 |
|
Operating income, excluding special charges |
|
186.8 |
|
173.3 |
|
512.4 |
|
500.3 |
Consumer segment sales were comparable to the third quarter of 2023, with minimal currency impact, reflecting a 1% increase in volume growth fully offset by a 1% decrease from pricing. Volume growth in the
- Consumer sales in the
Americas were comparable to the third quarter of 2023, reflecting a 1% increase from volume and product mix fully offset by a 1% decrease from pricing, with minimal impact from currency. Volume growth benefited from growth in the Company's core categories. - Consumer sales in EMEA increased 3% compared to the third quarter of 2023 with minimal impact from currency. A 4% increase from higher volume and product mix was partially offset by a 1% decline from price. In major markets, volume growth was broad based across product categories.
- Consumer sales in APAC decreased 1% in the third quarter of 2024 compared to the year-ago period. In constant currency, sales were comparable with a 1% volume decline fully offset by a 1% increase from pricing actions. The volume decline was driven by slower demand in
China , related to the macro environment. Outside ofChina , sales growth was strong and primarily driven by volume and product mix.
Consumer segment operating income, excluding special charges, increased 8% in the third quarter of 2024 compared to the year-ago period with minimal impact from currency. The growth was due to lower selling, general, and administrative expenses.
Flavor Solutions Segment
|
(in millions) |
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Three months ended |
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Nine months ended |
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Net sales |
|
$ 742.4 |
|
$ 747.6 |
|
$ 2,162.3 |
|
$ 2,150.7 |
|
Operating income, excluding special charges |
|
101.6 |
|
77.8 |
|
249.6 |
|
212.6 |
Flavor Solutions segment sales declined 1% from the third quarter of 2023. In constant currency, sales were comparable to the prior year period with a 1% increase from pricing fully offset by the impact of the Company's strategic decision to divest its canning business.
- In the
Americas , Flavor Solutions sales increased 2% as compared to the third quarter of 2023. In constant currency, sales increased 3%, reflecting a 1% increase from pricing and a 2% increase in volume and product mix driven by strong growth in branded foodservice and the timing of customer activities. - The EMEA region's Flavor Solutions sales declined 8% compared to the third quarter of 2023. In constant currency, sales decreased 9% including a 3% decline from the canning divestiture. The remainder of the decrease was primarily driven by a volume decline of 5% attributable to softness in quick service restaurant volumes.
- The APAC region's Flavor Solutions sales declined 1% compared to the third quarter of 2023. In constant currency, sales were comparable with minimal impact from both pricing and volume and product mix.
Flavor Solutions segment operating income, excluding special charges, grew 31% in the third quarter of 2024 compared to the year-ago period, or 32% in constant currency driven by product mix, pricing and cost savings generated by our CCI program.
Non-GAAP Financial Measures
The following tables 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. These represent non-GAAP financial measures, which are prepared as a complement to our financial results prepared in accordance with
Special charges consist of expenses and income, as applicable, 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. Expenses associated with the approved actions are classified as special charges upon recognition and monitored on an on-going basis through completion.
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 |
|
Nine Months Ended |
||||
|
|
|
|
|
|
|
|
|
|
Operating income |
$ 286.5 |
|
$ 245.0 |
|
$ 754.1 |
|
$ 665.8 |
|
Impact of special charges |
1.9 |
|
6.1 |
|
7.9 |
|
47.1 |
|
Adjusted operating income |
$ 288.4 |
|
$ 251.1 |
|
$ 762.0 |
|
$ 712.9 |
|
% increase versus year-ago period |
14.9 % |
|
|
|
6.9 % |
|
|
|
Operating income margin (1) |
17.1 % |
|
14.5 % |
|
15.3 % |
|
13.6 % |
|
Impact of special charges |
0.1 % |
|
0.4 % |
|
0.2 % |
|
0.9 % |
|
Adjusted operating income margin (1) |
17.2 % |
|
14.9 % |
|
15.5 % |
|
14.5 % |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
$ 41.0 |
|
$ 42.7 |
|
$ 116.8 |
|
$ 117.4 |
|
Impact of special charges |
0.6 |
|
1.3 |
|
2.1 |
|
11.0 |
|
Adjusted income tax expense |
$ 41.6 |
|
$ 44.0 |
|
$ 118.9 |
|
$ 128.4 |
|
Income tax rate (2) |
16.7 % |
|
21.4 % |
|
18.4 % |
|
21.7 % |
|
Impact of special charges |
0.1 % |
|
— % |
|
0.1 % |
|
0.1 % |
|
Adjusted income tax rate (2) |
16.8 % |
|
21.4 % |
|
18.5 % |
|
21.8 % |
|
|
|
|
|
|
|
|
|
|
Net income |
$ 223.1 |
|
$ 170.1 |
|
$ 573.3 |
|
$ 461.3 |
|
Impact of special charges |
1.3 |
|
4.8 |
|
5.8 |
|
36.1 |
|
Adjusted net income |
$ 224.4 |
|
$ 174.9 |
|
$ 579.1 |
|
$ 497.4 |
|
% increase versus year-ago period |
28.3 % |
|
|
|
16.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted |
$ 0.83 |
|
$ 0.63 |
|
$ 2.13 |
|
$ 1.71 |
|
Impact of special charges |
— |
|
0.02 |
|
0.02 |
|
0.13 |
|
Adjusted earnings per share - diluted |
$ 0.83 |
|
$ 0.65 |
|
$ 2.15 |
|
$ 1.84 |
|
% increase versus year-ago period |
27.7 % |
|
|
|
16.8 % |
|
|
|
|
|
|
(1) |
Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented. |
|
(2) |
Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. 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 of |
Because we are a multi-national company, we are subject to variability of our reported
Percentage changes in sales and adjusted operating income expressed on a constant currency basis 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
|
|
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|
Three Months Ended |
||||
|
|
|
|
Percentage Change |
|
Impact of Foreign |
|
Percentage Change on |
|
Net sales |
|
|
|
|
|
|
|
|
Consumer Segment |
|
|
|
|
|
|
|
|
|
|
|
(0.4) % |
|
(0.2) % |
|
(0.2) % |
|
EMEA |
|
|
2.9 % |
|
0.3 % |
|
2.6 % |
|
APAC |
|
|
(0.9) % |
|
(0.9) % |
|
— % |
|
Total Consumer segment |
|
|
— % |
|
(0.2) % |
|
0.2 % |
|
Flavor Solutions Segment |
|
|
|
|
|
|
|
|
|
|
|
1.8 % |
|
(0.8) % |
|
2.6 % |
|
EMEA |
|
|
(8.4) % |
|
0.6 % |
|
(9.0) % |
|
APAC |
|
|
(1.3) % |
|
(1.2) % |
|
(0.1) % |
|
Total Flavor Solutions segment |
|
|
(0.7) % |
|
(0.5) % |
|
(0.2) % |
|
Total net sales |
|
|
(0.3) % |
|
(0.4) % |
|
0.1 % |
|
Adjusted operating income |
|
|
|
|
|
|
|
|
Consumer segment |
|
|
7.8 % |
|
(0.3) % |
|
8.1 % |
|
Flavor Solutions segment |
|
|
30.6 % |
|
(1.4) % |
|
32.0 % |
|
Total adjusted operating income |
|
|
14.9 % |
|
(0.7) % |
|
15.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||
|
|
|
|
Percentage Change |
|
Impact of Foreign |
|
Percentage Change on |
|
Net sales |
|
|
|
|
|
|
|
|
Consumer Segment |
|
|
|
|
|
|
|
|
|
|
|
(0.7) % |
|
(0.1) % |
|
(0.6) % |
|
EMEA |
|
|
7.1 % |
|
2.2 % |
|
4.9 % |
|
APAC |
|
|
(4.6) % |
|
(2.3) % |
|
(2.3) % |
|
Total Consumer segment |
|
|
0.2 % |
|
— % |
|
0.2 % |
|
Flavor Solutions Segment |
|
|
|
|
|
|
|
|
|
|
|
2.0 % |
|
0.4 % |
|
1.6 % |
|
EMEA |
|
|
(5.0) % |
|
1.4 % |
|
(6.4) % |
|
APAC |
|
|
1.9 % |
|
(2.8) % |
|
4.7 % |
|
Total Flavor Solutions segment |
|
|
0.5 % |
|
0.3 % |
|
0.2 % |
|
Total net sales |
|
|
0.3 % |
|
0.2 % |
|
0.1 % |
|
Adjusted operating income |
|
|
|
|
|
|
|
|
Consumer segment |
|
|
2.4 % |
|
(0.1) % |
|
2.5 % |
|
Flavor Solutions segment |
|
|
17.4 % |
|
— % |
|
17.4 % |
|
Total adjusted operating income |
|
|
6.9 % |
|
(0.1) % |
|
7.0 % |
|
|
|
|
|
|
|
|
|
To present "constant currency" information for the fiscal year 2024 projection, projected sales and adjusted operating income for entities reporting in currencies other than the
The following provides a reconciliation of our estimated earnings per share to adjusted earnings per share for 2024 and actual results for 2023:
|
|
Year Ended |
||
|
|
2024 Projection |
|
|
|
Earnings per share - diluted |
|
|
$ 2.52 |
|
Impact of special charges |
0.04 |
|
0.18 |
|
Adjusted earnings per share - diluted |
|
|
$ 2.70 |
Live Webcast
As previously announced, McCormick will hold a conference call with analysts today at
Forward-Looking Information
Certain statements contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, acquisitions, brand marketing support, volume and product mix, 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" and similar expressions. These statements may relate to: general economic and industry conditions, including consumer spending rates, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact from brand marketing support, product innovation, and customer, channel, category, heat platform and e-commerce expansion; expected trends in net sales and earnings performance and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the expected impact of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources including raw materials, packaging, labor, energy, and transportation; the expected impact of productivity improvements, and cost savings, including those associated with our CCI and GOE programs and Global Business Services operating model initiative; the ability to identify, attract, hire, retain and develop qualified personnel and develop the next generation of leaders; the impact of the ongoing conflicts between
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; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to drive productivity improvements, including those related to our CCI program and streamlining actions, including our GOE program; 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 preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of the ongoing conflicts between
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
Founded in 1889 and headquartered in
To learn more, visit www.mccormickcorporation.com or follow
For information contact:
Investor Relations:
(Financial tables follow)
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Third Quarter Report |
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Consolidated Income Statement (Unaudited) |
|
|
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|
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(In millions except per-share data) |
|
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Three months ended |
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Nine months ended |
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|
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|
|
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|
|
|
|
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 |
|
Gross profit margin |
|
38.7 % |
|
37.0 % |
|
37.9 % |
|
36.7 % |
|
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 |
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Third Quarter Report |
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|
|
|
Consolidated Balance Sheet (Unaudited) |
|
|
|
|
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ 200.8 |
|
$ 166.6 |
|
Trade accounts receivable, net |
|
660.9 |
|
587.5 |
|
Inventories |
|
1,242.6 |
|
1,126.5 |
|
Prepaid expenses and other current assets |
|
140.0 |
|
121.0 |
|
Total current assets |
|
2,244.3 |
|
2,001.6 |
|
Property, plant and equipment, net |
|
1,399.5 |
|
1,324.7 |
|
|
|
5,277.7 |
|
5,260.1 |
|
Intangible assets, net |
|
3,332.7 |
|
3,356.7 |
|
Other long-term assets |
|
950.7 |
|
919.2 |
|
Total assets |
|
$ 13,204.9 |
|
$ 12,862.3 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Short-term borrowings and current portion of long-term debt |
|
$ 1,244.9 |
|
$ 1,071.5 |
|
Trade accounts payable |
|
1,227.8 |
|
1,119.3 |
|
Other accrued liabilities |
|
671.6 |
|
908.1 |
|
Total current liabilities |
|
3,144.3 |
|
3,098.9 |
|
Long-term debt |
|
3,343.1 |
|
3,339.9 |
|
Deferred taxes |
|
836.2 |
|
861.2 |
|
Other long-term liabilities |
|
430.3 |
|
478.8 |
|
Total liabilities |
|
7,753.9 |
|
7,778.8 |
|
Shareholders' equity |
|
|
|
|
|
Common stock |
|
2,234.7 |
|
2,199.6 |
|
Retained earnings |
|
3,577.2 |
|
3,249.7 |
|
Accumulated other comprehensive loss |
|
(390.4) |
|
(388.6) |
|
Total McCormick shareholders' equity |
|
5,421.5 |
|
5,060.7 |
|
Non-controlling interests |
|
29.5 |
|
22.8 |
|
Total shareholders' equity |
|
5,451.0 |
|
5,083.5 |
|
Total liabilities and shareholders' equity |
|
$ 13,204.9 |
|
$ 12,862.3 |
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Third Quarter Report |
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McCormick & Company, Incorporated |
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Consolidated Cash Flow Statement (Unaudited) |
|
|
|
|
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(In millions) |
|
|
|
|
|
|
|
Nine Months Ended |
||
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
Net income |
|
$ 573.3 |
|
$ 461.3 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
157.5 |
|
150.4 |
|
Stock-based compensation |
|
39.9 |
|
51.1 |
|
Deferred income tax expense (benefit) |
|
(37.2) |
|
1.7 |
|
Income from unconsolidated operations |
|
(56.0) |
|
(37.7) |
|
Changes in operating assets and liabilities |
|
|
|
|
|
Trade accounts receivable |
|
(72.2) |
|
(22.9) |
|
Inventories |
|
(108.9) |
|
139.7 |
|
Trade accounts payable |
|
112.3 |
|
(90.4) |
|
Other assets and liabilities |
|
(202.1) |
|
(43.6) |
|
Dividends from unconsolidated affiliates |
|
56.6 |
|
50.5 |
|
Net cash flow provided by operating activities |
|
463.2 |
|
660.1 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Capital expenditures (including software) |
|
(189.3) |
|
(187.2) |
|
Other investing activities |
|
0.2 |
|
2.4 |
|
Net cash flow used in investing activities |
|
(189.1) |
|
(184.8) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Short-term borrowings, net |
|
908.6 |
|
(850.0) |
|
Long-term debt borrowings |
|
— |
|
496.4 |
|
Payment of debt issuance costs |
|
— |
|
(1.1) |
|
Long-term debt repayments |
|
(752.8) |
|
(12.7) |
|
Proceeds from exercised stock options |
|
12.8 |
|
15.9 |
|
Taxes withheld and paid on employee stock awards |
|
(8.9) |
|
(10.8) |
|
Common stock acquired by purchase |
|
(29.0) |
|
(26.7) |
|
Dividends paid |
|
(338.3) |
|
(313.8) |
|
Other financing activities |
|
1.7 |
|
1.6 |
|
Net cash flow used in financing activities |
|
(205.9) |
|
(701.2) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(34.0) |
|
46.6 |
|
Decrease in cash and cash equivalents |
|
34.2 |
|
(179.3) |
|
Cash and cash equivalents at beginning of period |
|
166.6 |
|
334.0 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ 200.8 |
|
$ 154.7 |
View original content:https://www.prnewswire.com/news-releases/mccormick-reports-third-quarter-performance-and-reaffirms-2024-outlook-302263799.html
SOURCE
