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EX - 99.1 2 mkc - 2021qlearnings1.htm EX - 99.1 It News Release me Ⓡ McCORMICK REPORTS DOUBLE DIGIT FIRST QUARTER GROWTH AND INCREASES 2021 FINANCIAL OUTLOOK FOR IMMEDIATE RELEASE HUNT VALLEY , Md . , March 30 , 2021 - McCormick & Company , Incorporated ( NYSE : MKC ) , a global leader in flavor , today reported financial results for the first quarter ended February 28 , 2021 . ● Sales rose 22 % in the first quarter from the year - ago period . In constant currency , the company grew sales 20 % with growth in both the Consumer and Flavor Solutions segments . Operating income was $ 236 million in the first quarter compared to $ 194 million in the year - ago period . Adjusted operating income was $ 263 million , an increase of 35 % from $ 195 million in the first quarter of 2020 , and a 32 % increase in constant currency . Earnings per share was $ 0.60 in the first quarter as compared to $ 0.54 in the year - ago period . Adjusted earnings per share rose 33 % to $ 0.72 from $ 0.54 in the year - ago period . For fiscal year 2021 , McCormick increased its sales outlook to expected growth of 8 % to 10 % , or 6 % to 8 % in constant currency , and also raised its operating profit and earnings per share growth outlook . Chairman , President & CEO's Remarks Lawrence E. Kurzius , Chairman , President and CEO , stated , " We started the year with outstanding performance and an even stronger outlook for 2021. In the first quarter , we delivered double digit sales , adjusted operating income , and adjusted earnings per share growth . Our differentiated results prove the strength of our business model , the value of our products and our capabilities as a company . We are confident the breadth and reach of our portfolio differentiates McCormick and the successful execution of our strategies will continue to drive long - term sustainable growth . " Our growth in the first quarter was driven by base business , new products , and acquisitions - our three long - term growth drivers . Our outstanding Consumer segment performance continued to reflect the sustained consumer preference for cooking more at home with double digit organic sales growth in all regions . In the Americas , incremental sales from our Cholula acquisition also contributed to growth . Sales growth in our Flavor Solutions segment was driven by our FONA and Cholula