Boca Raton, FL — Seasonings giant McCormick & Co., Inc. anticipates 2014 will bring annual sales growth of three to five percent and an increase in operating income of between six and eight percent, according to the company’s presentation at the annual conference of the Consumer Analyst Group of New York (CAGNY), held at the Boca Raton Resort and Club held February 17 to 21.
McCormick Chairman, President and CEO Alan D. Wilson bases those projections on the company's solid 2013 performance and increased consumer demand for flavors at all eating occasions, particularly in emerging markets. He notes McCormick’s strategic imperatives are aligned to drive growth through investments in brand marketing, innovations and acquisitions, adding productivity improvements are expected to contribute annual cost savings of at least $45 million.
“Clearly, demand for flavor is growing all around the world,” Wilson says. “This is a great opportunity for us, and our strategic imperatives have us well positioned for success.”
Building on 2013 sales growth of three percent and operating income of $591 million, an increase of $22.5 million from the pervious year, the company’s long-term goals are increases of seven to nine percent in operating income and four to six percent in sales.