McCormick & Company CEO Lawrence Kurzius on Q4 2018 Results - Earnings Call Transcript

1/24/19

Thank you, Kasey. Good morning, everyone. Thanks for joining us. Starting on Slide 4. Our fourth quarter results completed another year of record financial performance, both from our underlying business and the incremental impact of our acquired Frank's and French's brands. We continue to drive growth, and in 2018, we delivered double-digit sales, operating profit and earnings per share growth. We expanded operating margin while also making significant investments to drive continued growth.

We delivered substantial cost savings and our seventh consecutive year of record cash flow. We achieved our year 1 expectations from the acquisition of our Frank's and French's brands. Our sales growth and focus on profit realization drove strong financial results across both our consumer and flavor solutions segment and reflects the successful execution of our strategies and the engagement of our employees around the world. We have a broad and advantaged global flavor portfolio, as seen on Slide 5, which we are continuing to grow. No matter where or what you choose to eat or drink, you're probably enjoying something flavored by McCormick every day. This morning, you'll hear about our 2018 accomplishments, which were driven by successes across the portfolio.

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