McCormick & Company CEO Lawrence Kurzius on Q1 2021 Results - Earnings Call Transcript

3/30/21

Thank you, Kasey. Good morning, everyone. Thanks for joining us. Starting on slide four, our first quarter results were outstanding. As we said in our year-end earnings call in January, we have confidence in our strategies and are well-positioned to deliver another year of differentiated growth in 2021.

Following an extraordinary in 2020, in 2021 we expect strong underlying base business performance and recent acquisitions to drive significant sales growth, as well as strong operating income growth, even considering extraordinary COVID-19 costs and business transformation investments highlighting our focus on profit realization.

During the first quarter, we delivered double-digit sales, adjusted operating income and earnings growth. We expect growth to vary by quarter in 2021, given 2020 level of demand volatility and the pace of COVID-19 recovery. But importantly, we have started the year with outstanding first quarter performance giving us confidence in an even stronger outlook for 2021.

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