McCormick & Company's CEO Lawrence Kurzius on Q3 2017 Results - Earnings Call Transcript

9/28/17

Thank you, Kasey. Good morning, everyone. Thanks for joining us.

Our third quarter performance led by sales growth was incredibly strong with results which continue to differentiate McCormick. We drove double-digit adjusted operating income growth and expanded our adjusted operating income margin that makes seven consecutive quarters of margin expansion. The strengthen in our base business drove adjusted earnings per share growth of 9% versus the third quarter of last year and our results are not the only great news of the quarter.

In the third quarter we had an important and exciting milestone for McCormick. We announced and then subsequently closed on our acquisition of RB Foods on August 17. This is the largest deal in our company's history. The acquisition strengthens our flavor leadership with the addition of iconic French's and Frank's RedHot brands to our portfolio which are now our number two and number three brands respectively.

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