Spices and seasonings maker McCormick & Co., Inc. (MKC) Tuesday plans to reveal its long-term targets and expects to achieve annual earnings per share growth of 9 to 11 percent. The company anticipates an increased demand for flavor worldwide and aims to meet it with investments, growth initiatives and superior resources.
Long-term annual sales growth is anticipated to be 4 to 6 percent and expects 7 to 9 percent increase in operating income. Along with a commitment to annual dividend increases, these financial objectives should lead to a double-digit increase in total shareholder return for its investors, the company stated.
At its investor conference today, titled 'A World of Flavor', Alan Wilson, chairman, president and CEO and other McCormick executives will discuss the company's plans to drive continued sales and earnings growth.
The company plans to increasing its global footprint to meet the growing demand for flavor worldwide. In the U.S., consumption of spices has grown almost three times as fast as population growth, it added.
By 2015, McCormick expects 20 percent of its sales to come from emerging markets.
In its first quarter, the company reported a decline in profit, hurt by lower profit margins, despite a 16 percent growth in net sales and reaffirmed its guidance for fiscal 2012.
MKC is currently trading at $54.31, up 0.48 percent, on a volume of 45 thousand shares on the NYSE.
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