McCormick & Company, Incorporated (MKC) Q2 2023 Earnings Call Transcript

For the period ending May 31, 2023

June 29, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Kasey Jenkins

Good morning. This is Kasey Jenkins, Chief Strategy Officer. Thank you for joining today's second quarter earnings call. To accompany this call, we've posted a set of slides at ir.mccormick.com. With me this morning are Lawrence Kurzius, Chairman and CEO; Brendan Foley, President, and COO; and Mike Smith, Executive Vice President, and CFO. I would also like to welcome [Indiscernible] joining us on this call this morning. [Indiscernible] joined McCormick earlier this month as Vice President, Investor Relations.

During this call, we will refer to certain non-GAAP financial measures. The nature of these non-GAAP financial measures and the related reconciliations to the GAAP results are included in this morning’s press release and slides. In our comments, certain percentages are rounded. Please refer to our presentation for complete information.

Today's presentation contains projections and other forward-looking statements. Actual results could differ materially from those projected. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or other factors. Please refer to our forward-looking statements on slide two for more information.

I will now turn the discussion over to Lawrence.

Lawrence Kurzius

Good morning, everyone. Thanks for joining us. To start, last night, we announced that Brendan Foley will become McCormick’s next Chief Executive Officer on September 1, and he is joining the Board of Directors immediately. I could not be more pleased with Brendan as my successor. I will continue to serve McCormick and all of its stakeholders as Executive Chairman of the Board once Brendan becomes CEO. This is a transition that we have been planning internally as part of an orderly multi-year succession plan, and it's exciting to finally share the news with all of you.

As many of you know, Brendan is exceptionally well qualified and prepared to lead McCormick. He deeply understands the importance of delivering continued strong growth, while doing the right things for people, communities, and the planet. With our advantaged competitive positioning, supported by the growing demand for flavor and with our tremendous depth of talent, I have utmost confidence that McCormick, under Brendan's leadership, will continue to drive differentiated growth and long-term shareholder value. Congratulations, Brendan.

Now on to our earnings update. First, I'll provide an overview of our second quarter results. Brendan will provide the business segment update, Mike will provide details on our financial results and 2023 outlook, and after your questions, I will have some final comments.