McCormick expects $8B in annual net sales by 2028

McCormick (MKC) & Company held an Investor Day at the company’s Global Headquarters in Hunt Valley, Maryland. Brendan M. Foley, President and CEO, along with members of McCormick’s leadership team shared plans to drive sustainable growth by leveraging its competitive advantages and successfully executing on its proven strategies. McCormick reaffirmed all components of its 2024 Outlook which was previously announced on October 1 during its earnings call. The Company anticipates achieving the mid to high-end of its projected Net Sales growth range and the high-end of its adjusted earnings per share range for 2024. McCormick expects 2025 to be a year of continued momentum supported by the effectiveness of its 2024 prioritized investments. The Company anticipates volume growth in-line with its organic long-term growth objective. The Company also expects to drive margin improvement and profitability growth rates closer to its long-term objectives. McCormick reaffirmed its long-term growth objectives for Net Sales of 4%-6%, Operating Income of 7%-9%, and EPS of 9%-11%. The Company expects to achieve these objectives, at the low end, on a compounded annual growth rate basis over the five-year period ending 2028, without the benefit of acquisitions. The Company expects to reach at least $8B in annual Net Sales by 2028.