McCormick & Company, Incorporated announced unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2017. For the quarter, the company reported Net Sales were $1,490.9 million against $1,227 million a year ago. Operating income was $266.9 million against $219.1 million a year ago. Income from consolidated operations before income taxes was $223.1 million against $207 million a year ago. Net income from consolidated operations was $165.4 million against $145.5 million a year ago. Net income was $175.7 million against $157.4 million a year ago. Earnings per share - diluted was $1.32 against $1.24 a year ago. Adjusted operating income was $307.4 million against $225.3 million a year ago. Adjusted net income was $204.8 million against $161.1 million a year ago. Adjusted earnings per share - diluted was $1.54 against $1.27 a year ago.

For the full year, the company reported Net Sales were $4,834.1 million against $4,411.5 million a year ago. Operating income was $702.4 million against $641 million a year ago. Income from consolidated operations before income taxes was $594.8 million against $589.2 million a year ago. Net income from consolidated operations was $443.5 million against $436.2 million a year ago. Net income was $477.4 million against $472.3 million a year ago. Earnings per share - diluted was $3.72 against $3.69 a year ago. Net cash flow provided by operating activities was $815.3 million against $658.1 million a year ago. Capital expenditures was $182.4 million against $153.8 million a year ago. Adjusted operating income was $786.3 million against $657 million a year ago. Adjusted net income was $546.7 million against $483.4 million a year ago. Adjusted earnings per share - diluted was $4.26 against $3.78 a year ago.

For 2018, the company expects to grow sales 12% to 14% compared to 2017, including a one percentage point favorable impact from currency rates. The company expects to drive sales growth with the incremental impact of acquisitions completed in 2017, new products, brand marketing and expanded distribution. Sales growth is also expected to include the incremental impact of pricing from 2017 in addition to actions taken in 2018 to offset an anticipated low-single digit increase in material costs. The company has plans to achieve at least $100 million of cost savings and intends to use these savings to improve margins, fund an increase in brand marketing, and as a further offset to increased material costs. Operating income in 2018 is expected to grow 32% to 34% from $702 million of operating income in 2017. Integration expenses from the RB Foods acquisition of approximately $23 million are currently projected to impact operating income for 2018. Special charges of approximately $18 million are currently projected for 2018 that relate to previously announced organization and streamlining actions. Excluding the impact of transaction and integration expenses as well as special charges in 2018 and 2017, the expected growth in adjusted operating income is 23% to 25% from adjusted operating income of $786 million in 2017. This growth includes an estimated one percentage point favorable impact from currency. The company projects 2018 earnings per share to be in the range of $6.89 to $7.14 compared to $3.72 of earnings per share in 2017. Excluding an anticipated favorable per share impact in 2018 of $2.09 to $2.24, consisting of the estimated net favorable non-recurring impact of the recent U.S. tax legislation, partially offset by the estimated effects of integration expenses related to RB Foods and of special charges, the company projects 2018 adjusted earnings per share to be in the range of $4.80 to $4.90. This is an increase of 13% to 15% from adjusted earnings per share of $4.26 in 2017 and includes the estimated reduction to approximately 24% of projected underlying effective tax rate associated with the recent U.S. tax legislation. The 13% to 15% projected range of growth in 2018 adjusted earnings per share also includes an estimated one percentage point favorable impact from currency. The impact of favorable currency is expected to be greater in the first half of the year than in the second half. For fiscal year 2018, the company projects another year of strong cash flow, with plans to return a significant portion to McCormick's shareholders through dividends and to pay down debt.