McCormick & Company Inc (MKC) 2024 Q4 法說會逐字稿

Good morning.

早安.

This is Faten Freiha, VP of Investor Relations.

我是法登‧弗雷哈 (Faten Freiha)，投資者關係副總裁。

Thank you for joining today's fourth-quarter earnings call.

感謝您參加今天的第四季財報電話會議。

To accompany this call, we've posted a set of slides on our IR website, Ir.mccormick.com. With me this morning are Brendan Foley, Chairman, President and CEO; and Marcos Gabriel, Executive Vice President and CFO.

為了配合本次電話會議，我們在我們的 IR 網站 Ir.mccormick.com 上發布了一組幻燈片。今天早上和我在一起的有董事長、總裁兼執行長 Brendan Foley；執行副總裁兼財務長馬科斯·加布里埃爾 (Marcos Gabriel)。

During this call, we will refer to certain non-GAAP financial measures.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。

The nature of those non-GAAP financial measures and the related reconciliations to the GAAP results are included in this morning's press release and slides.

這些非公認會計原則財務指標的性質以及與公認會計原則結果的相關調節均包含在今天早上的新聞稿和幻燈片中。

In our comments, certain percentages are rounded.

在我們的評論中，某些百分比是四捨五入的。

Please refer to our presentation for complete information.

請參閱我們的簡報以獲取完整資訊。

Today's presentation contains projections and other forward-looking statements.

今天的演示包含預測和其他前瞻性陳述。

Actual results could differ materially from those projected.

實際結果可能與預測有重大差異。

The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or other factors.

本公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他因素。

Please refer to our forward-looking statement on slide 2 for more information.

請參閱投影片 2 上的前瞻性聲明以了解更多資訊。

Lastly, I'd like to call out that we made changes to our release and slides to streamline and enhance our communications.

最後，我想指出，我們對發布和幻燈片進行了更改，以簡化和增強我們的溝通。

And these changes are in alignment with investor and analyst feedback.

這些變化與投資者和分析師的反饋一致。

In terms of metrics to simplify we are adopting the organic sales measure, which is defined as the impact of volume and mix plus price and excludes the impact of FX and any divestitures or acquisitions.

在簡化指標方面，我們採用有機銷售指標，其定義為銷售量和組合加上價格的影響，不包括外匯和任何資產剝離或收購的影響。

As a reminder, the reconciliation of our sales measures can be found in the appendix of our slides and in our press release.

提醒一下，我們的銷售措施的調節可以在我們的投影片附錄和新聞稿中找到。

I will now turn the discussion over to Brendan.

我現在將討論轉交給布倫丹。

Good morning, everyone and thank you for joining us.

大家早安，感謝您加入我們。

I am pleased to report on our strong performance for the fourth quarter in fiscal year 2024.

我很高興地報告我們 2024 財年第四季的強勁業績。

An important year for McCormick in which we built momentum and strengthen our leadership and differentiation, returning to quality volume led growth.

對於味好美來說，這是重要的一年，我們建立了動力，加強了我們的領導地位和差異化，回歸以品質、數量為導向的成長。

We invested in our core categories, drove improved unit and volume share trends, while also expanding our margins and delivering strong earnings growth.

我們投資於我們的核心類別，推動了單位和銷售份額趨勢的改善，同時也擴大了我們的利潤並實現了強勁的獲利成長。

Our results demonstrate the success of our prioritized investments in the areas that we believe will drive the most value and set us up to continue to drive momentum for 2025 and beyond.

我們的結果表明，我們在我們認為將帶來最大價值的領域進行的優先投資取得了成功，並使我們能夠在 2025 年及以後繼續推動發展勢頭。

McCormick remains a growth company.

味好美仍然是一家成長型公司。

We have robust plans that leverage the demand for flavor and the strength of our brands.

我們制定了強有力的計劃，充分利用對風味的需求和我們品牌的實力。

Our strategies have proven to be effective in driving growth and compounding that growth over the years.

事實證明，多年來我們的策略在推動成長和複合成長方面是有效的。

And I remain confident that we have the right leadership team in place and engaged employees globally to deliver on our near term and long term objectives with industry leading performance.

我仍然相信，我們擁有合適的領導團隊，並在全球範圍內吸引員工，以行業領先的業績實現我們的近期和長期目標。

This morning, I will begin my remarks with an overview of our fourth quarter focusing primarily on top line drivers.

今天早上，我將首先概述我們第四季度的情況，主要關注營收驅動因素。

Next, I will highlight some areas of success and the areas that we continue to work on.

接下來，我將重點介紹一些成功的領域以及我們繼續努力的領域。

Then I will briefly reflect on our full year performance and share our plans at a high level to continue to drive momentum in 2025.

然後我將簡要回顧我們的全年業績，並在高層分享我們的計劃，以繼續推動 2025 年的發展勢頭。

Next, I will review how McCormick is positioned relative to an evolving consumer landscape.

接下來，我將回顧味好美相對於不斷變化的消費者格局的定位。

Marcus will then go into more depth in the fourth quarter as well as 2024 fiscal year financial results and review our 2025 outlook.

然後，Marcus 將更深入地介紹第四季和 2024 財年的財務業績，並回顧我們的 2025 年展望。

And finally, before your questions, I will have some closing comments.

最後，在大家提問之前，我想發表一些結束語。

Turning now to our results on slide 4.

現在轉向投影片 4 上的結果。

In the fourth quarter, total organic sales increased by 2% reflecting volume and product mix growth of more than 2%, partially offset by pricing.

第四季度，總有機銷售額成長了 2%，反映出銷售量和產品組合成長超過 2%，但部分被定價所抵銷。

Total volume improved sequentially for the fourth consecutive quarter despite a challenging environment, and this improvement in the fourth quarter was driven by our consumer segment where volume and product mix increased approximately 4% compared to the prior year.

儘管環境充滿挑戰，但總銷量連續第四個季度環比增長，第四季度的這一增長是由我們的消費者細分市場推動的，該細分市場的銷量和產品組合與上一年相比增長了約4%。

In America's consumer, we delivered meaningful sequential volume improvement leading to more than 5% volume growth year-over-year.

在美國消費者領域，我們實現了銷量的顯著連續成長，銷量較去年同期成長超過 5%。

This growth reflects continued focus on our core categories, investing in brand marketing, accelerating innovation in alignment with consumer trends, expanding distribution and price GAAP Management plans.

這一成長反映出我們對核心品類的持續關注、投資於品牌行銷、根據消費者趨勢加速創新、擴大分銷和價格 GAAP 管理計劃。

In EMEA, we continue to drive positive volume growth across our major markets and core categories.

在歐洲、中東和非洲地區，我們持續推動主要市場和核心類別的銷售量實現正成長。

We realized benefits from new product innovation as well as expanded distribution.

我們從新產品創新和擴大分銷中獲益。

In Asia Pacific, our results were impacted by China as the environment in this market remains challenged.

在亞太地區，我們的業績受到中國的影響，因為該市場的環境仍面臨挑戰。

Looking forward, we expect a slight and gradual recovery in 2025 relative to the prior year.

展望未來，我們預期 2025 年經濟將較前一年小幅逐步復甦。

Marcus will discuss this when he covers our outlook for 2025.

馬庫斯將在談到我們對 2025 年的展望時討論這一點。

Moving to flavor solutions.

轉向風味解決方案。

Volumes were flat for the global segment.

全球市場銷售持平。

Volume performance was primarily impacted by volume softness in our CPG and QSR customers volumes.

銷售表現主要受到我們的 CPG 和 QSR 客戶銷售疲軟的影響。

Sequentially relative to third quarter volume growth, our results were impacted by the timing of customer activities.

相較於第三季銷售成長，我們的業績受到顧客活動時間的影響。

Let's move to slide 5, and let me highlight for the quarter some of the key areas of success.

讓我們轉到投影片 5，讓我重點介紹本季的一些關鍵成功領域。

In our global consumer segment, we successfully executed on our plans with increased investment and competitive focus towards driving growth across our core categories.

在我們的全球消費領域，我們透過增加投資和競爭重點來成功執行我們的計劃，以推動我們核心類別的成長。

In the Americas across all categories, we drove unit volume and dollar consumption growth.

在美洲的所有類別中，我們推動了單位數量和美元消費的成長。

Notably, our unit and volume consumption outpaced both branded food peers and private label in the fourth quarter.

值得注意的是，第四季我們的單位消費量和消費量都超過了品牌食品同業和自有品牌。

In global spices and seasonings, we drove solid unit volume and dollar consumption growth across key markets in the Americas, EMEA and Asia Pacific.

在全球香料和調味料方面，我們推動了美洲、歐洲、中東和非洲和亞太地區主要市場的單位銷售和美元消費量的穩健成長。

In the US, we continue to improve on our competitiveness.

在美國，我們不斷提高我們的競爭力。

Our volume consumption outpaced both branded competitors and private label for the quarter.

本季我們的消費量超過了品牌競爭對手和自有品牌。

Overall holiday performance was terrific.

整個假期的表現非常出色。

We saw high demand and sell out on our displays that featured core holiday items as well as new innovation.

我們的展示品以核心節日商品和新創新為特色，需求量很大，而且銷售一空。

We had strong performance across the portfolio and our holiday limited time offer, finishing sugars contributed to our share momentum and were incremental to the category.

我們的整個投資組合和假期限時優惠表現強勁，精加工糖推動了我們的股票勢頭，並增加了該類別的份額。

In recipe mixes, we continue to strengthen consumption trends in the Americas and EMEA driving overall share.

在配方組合中，我們持續加強美洲和歐洲、中東和非洲的消費趨勢，推動整體份額。

In the US, our Cholula line remains a significant growth driver.

在美國，我們的 Cholula 系列仍然是重要的成長動力。

We are innovating with Cholula recipe mixes, bringing new consumers to the category, particularly with millennials and younger families.

我們正在對 Cholula 配方組合進行創新，為該類別引入新消費者，特別是千禧世代和年輕家庭。

In the UK, our new short seasonings and recipe mixes specifically designed for air fryers are performing well and driving strong consumption.

在英國，我們專門為氣炸鍋設計的新短調味料和配方混合物表現良好，並推動了強勁的消費。

In mustard, we made great progress globally over the last three quarters and are pleased to see that our plans are driving great results.

在芥末方面，過去三個季度我們在全球範圍內取得了巨大進展，很高興看到我們的計劃正在取得巨大成果。

In the fourth quarter, we drove unit volume and dollar share gains in the Americas.

第四季度，我們推動了美洲地區的單位銷售和美元份額成長。

In Poland, one of the top muster consuming countries, our mustard consumption continues to grow and we are also realizing unit and dollar share gains.

在波蘭，芥末消費量最大的國家之一，我們的芥末消費量持續成長，我們也實現了單位和美元份額的成長。

In hot sauce, we continue to have underlying strength in our base business and strong consumer loyalty.

在辣醬方面，我們的基礎業務繼續擁有潛在實力和強大的消費者忠誠度。

We drove positive unit volume and dollar growth in the fourth quarter, demonstrating that our plans are working.

我們在第四季度推動了銷量和美元的正增長，這表明我們的計劃正在發揮作用。

Sequentially, we drove significant improvement in dollar and unit share trends.

隨後，我們推動了美元和單位份額趨勢的顯著改善。

This improvement was driven by distribution gains, increased brand marketing and innovation.

這一改善是由分銷收益、品牌行銷和創新的增加所推動的。

We continue to make progress on total distribution points.

我們在總分發點方面繼續取得進展。

We expanded TDPs across spices and seasonings recipe mixes, mustard and hot sauce in the Americas.

我們將 TDP 擴展到美洲的香料和調味料配方混合物、芥末和辣醬。

In EMEA, we are also seeing distribution growth across markets in spices and seasonings and condiments and sauces.

在歐洲、中東和非洲地區，我們也看到香料和調味料以及調味品和醬料的市場分銷成長。

We are also gaining distribution in growing channels like discounters and e-commerce.

我們也在折扣店和電子商務等不斷成長的管道中獲得分銷。

Finally, in the Americas and EMEA, we drove double digit consumption growth in e-commerce outpacing the market.

最後，在美洲和歐洲、中東和非洲，我們推動電子商務消費成長兩位數，超過了市場。

E-commerce was a significant driver of our unit consumption growth for the quarter as consumers continue to see convenience.

隨著消費者持續看到便利性，電子商務是本季單位消費成長的重要推手。

In flavor solutions, we saw strength in our technically insulated high margin product category flavors and in branded food service.

在風味解決方案中，我們看到了技術隔離的高利潤產品類別風味和品牌食品服務的優勢。

In flavors, in the Americas, we remain focused on being the partner of choice across four taste competencies, savory heat, naturally sweet and citrus and fruit.

在口味方面，在美洲，我們仍然專注於成為四種口味能力的首選合作夥伴：鹹味熱味、自然甜味以及柑橘和水果。

These are areas of deep expertise and strength and where we are recognized as leaders within the flavor industry.

這些領域擁有深厚的專業知識和實力，我們被公認為調味品產業的領導者。

As a result of this continued focus our performance with our high growth innovator customers remains strong and we outperform the industry across most end categories.

由於這種持續的關注，我們在高成長創新客戶方面的表現仍然強勁，我們在大多數終端類別中的表現都優於行業。

In America's branded food service business, we drove volume growth and expanded distribution across spices and seasonings and condiments, outperforming the industry.

在美國的品牌食品服務業務中，我們推動了香料、調味料和調味品的銷售成長並擴大了分銷，表現優於業界。

In addition, we are winning in hot sauce table top unit share and with innovation, new distribution, packaging and promotion.

此外，我們還透過創新、新分銷、包裝和促銷贏得了辣醬桌面單位份額。

Let me now touch on some areas where we are seeing some pressure.

現在讓我談談我們面臨壓力的一些領域。

As I mentioned earlier, in our Asia Pacific consumer business, the environment in China remains challenging.

正如我之前提到的，在我們的亞太消費業務中，中國的環境仍然充滿挑戰。

Consumer sentiment remains low.

消費者信心依然低迷。

In October and November distributor inventory buildup was below prior years due to the expected softer consumption.

由於預期消費疲軟，10 月和 11 月經銷商庫存累積低於往年。

In flavor solutions in both Americas and EMEA some of our CPG customers experience continued softness in volumes within their own businesses.

在美洲和歐洲、中東和非洲的風味解決方案中，我們的一些 CPG 客戶在自己的業務中經歷了銷售持續疲軟的情況。

And in EMEA some of these customers were impacted by geopolitical boycotts in the region related to the Middle East conflict.

在歐洲、中東和非洲地區，其中一些客戶受到該地區與中東衝突相關的地緣政治抵制的影響。

This geopolitical impact may continue into 2025.

這種地緣政治影響可能會持續到 2025 年。

In addition, QSR traffic remains soft in the EMEA and in the Americas.

此外，歐洲、中東和非洲和美洲的速食流量依然疲軟。

We have seen this pressure impact our results for several quarters.

我們已經看到這種壓力對我們幾季的業績產生了影響。

It's difficult to predict QSR traffic.

預測快餐客流量很困難。

However, we are collaborating with our customers as they focus on improving their volumes through innovation and value and align with consumer trends.

然而，我們正在與客戶合作，因為他們專注於透過創新和價值來提高銷售量，並與消費者趨勢保持一致。

Now, I would like to reflect on our performance for the fiscal year on slide 6.

現在，我想在投影片 6 上回顧我們本財年的表現。

We successfully delivered on the goals we set and shared with you for 2024.

我們成功實現了我們設定並與您分享的 2024 年目標。

We demonstrated our dedication to improving volumes.

我們展示了我們對提高銷售的奉獻精神。

We refined our plans and prioritized our investments to drive impactful results and returned to differentiated and sustainable volume led growth.

我們完善了計劃，確定了投資的優先順序，以推動有影響力的成果，並回歸差異化和可持續的數量主導型成長。

The kind of growth that investors expect from McCormick.

這是投資人對味好美公司的期望。

I am very proud of what we achieved and you should expect continued momentum in 2025.

我對我們所取得的成就感到非常自豪，您應該期待 2025 年繼續保持強勁勢頭。

Our team remains focused on returning to our long term growth algorithm, strengthening our profitability, continuing our strong cash flow, paying down our debt and reducing our leverage ratio.

我們的團隊仍然專注於回歸我們的長期成長演算法，增強我們的獲利能力，繼續我們強勁的現金流，償還我們的債務並降低我們的槓桿率。

All have put McCormick in a position of strength to invest further with a sustained focus on growth.

所有這些都使味好美公司有能力進一步投資並持續關注成長。

A few highlights for the year.

今年的一些亮點。

On the top line, sales growth came in close to the high end of our guidance range as we expected.

在營收方面，正如我們預期的那樣，銷售成長接近我們指導範圍的高端。

Importantly, we drove total positive volume growth for the year, with the consumer business delivering 1% volume growth for 2024.

重要的是，我們推動了今年總銷量的正成長，其中消費者業務在 2024 年實現了 1% 的銷量成長。

We continue to invest in our business as well as drive margin expansion in line with our guidance.

我們繼續投資我們的業務，並根據我們的指導推動利潤率擴張。

Importantly, we made significant progress in advancing our flavor solutions operating margins.

重要的是，我們在提高風味解決方案的營運利潤方面取得了重大進展。

Our growth for 2024 on the top line and the bottom line reinforces our confidence in achieving the 2028 targets we set out at our investor day as well as our long term objectives.

我們 2024 年營收和利潤的成長增強了我們實現投資者日所製定的 2028 年目標以及長期目標的信心。

Our results demonstrate that our foundation is strong.

我們的結果顯示我們的基礎很牢固。

We have proven and powerful brands and the results we are seeing from our refined and strengthened plans provide confidence in the effectiveness of our strategies and investments.

我們擁有久經考驗的強大品牌，我們從完善和強化的計劃中看到的結果讓我們對我們的策略和投資的有效性充滿信心。

We made significant progress this past year and we have plans to continue that momentum in 2025 and beyond.

我們去年取得了重大進展，並計劃在 2025 年及以後繼續保持這一勢頭。

Let me now share our perspectives on consumer trends.

現在讓我分享我們對消費趨勢的看法。

Our portfolio's breadth and reach in consumer and flavor solutions and our shared insights give us a strong understanding of consumer, flavor needs preferences, behaviors and trends.

我們的產品組合在消費者和風味解決方案方面的廣度和覆蓋範圍以及我們共同的見解使我們對消費者、風味需求偏好、行為和趨勢有深入的了解。

We are continuously monitoring these trends across the globe and adapting our strategies accordingly.

我們不斷監測全球範圍內的這些趨勢，並相應地調整我們的策略。

Demand for flavor remains the foundation of our growth.

對風味的需求仍然是我們成長的基礎。

Our business is differentiated.

我們的業務是差異化的。

We do not compete for calories, we flavor them.

我們不爭奪卡路里，我們只為它們調味。

Importantly, our opportunity continues to grow no matter where calories are shifting and the demand for flavor continues to have a long runway.

重要的是，無論卡路里在哪裡變化，而且對風味的需求仍然很長，我們的機會都會繼續增長。

Our products in the consumer segment, help flavor, home cooked meals.

我們的產品在消費細分領域，有助於風味、家常飯菜。

And in the Flavor Solutions segment, we are collaborating with many of our customers through reformulations and flavoring to meet the evolving consumer needs for healthy products, including snacks and beverages.

在風味解決方案領域，我們正在與許多客戶合作，透過重新配方和調味來滿足消費者對健康產品（包括零食和飲料）不斷變化的需求。

Overall trends continue to evolve.

整體趨勢持續發展。

Consumers remain challenged, particularly lower income consumers.

消費者仍然面臨挑戰，特別是低收入消費者。

While everyone continues to watch their spending, there appears to be some easing with mid and higher income cohorts.

雖然每個人都在繼續關注自己的支出，但中高收入者的支出似乎有所放鬆。

Yet also still remain focused on maximizing value without compromising flavor.

但仍專注於在不影響風味的情況下實現價值最大化。

Demand for larger sizes remains elevated as they are seeking value.

由於尋求價值，對更大尺寸的需求仍然很高。

At the same time, there is increased demand for small or trial sizes highlighting that flavor exploration remains important.

同時，對小包裝或試用裝的需求不斷增加，這凸顯了風味探索仍然很重要。

Furthermore, consumers continue to cook at home and are increasingly shopping the perimeter for protein and produce.

此外，消費者繼續在家中做飯，並越來越多地在周邊購買蛋白質和農產品。

Healthier and better for you trends as well as the desire to stretch budgets are fueling this continued interest in cooking from scratch.

更健康、更有益的趨勢以及節省預算的願望正在激發人們對從頭開始烹飪的持續興趣。

Reinforcing demand for flavor and for McCormick categories, spices and extracts remains the number one center store growth category.

對風味劑和味好美品類、香料和萃取物的需求不斷增加，仍然是中心商店成長第一的品類。

Lastly, our consumer centric mindset remains at the heart of everything that we do and we believe we have the right plans that are continually informed by what matters most to consumers and customers.

最後，我們以消費者為中心的心態仍然是我們所做一切的核心，我們相信我們擁有正確的計劃，並且不斷了解對消費者和客戶最重要的事情。

As outlined on slide 7, our growth plans remain consistent to drive growth through category management, brand marketing, new products, our proprietary technologies and our differentiated customer engagement.

如同投影片 7 所述，我們的成長計畫保持一致，透過品類管理、品牌行銷、新產品、專有技術和差異化的客戶參與來推動成長。

Our growth levers are supported and enhanced through data and analytics as we continue to accelerate our digital transformation.

隨著我們繼續加速數位轉型，我們的成長槓桿透過數據和分析得到支持和增強。

Our base business is strengthening across major markets and core categories, and we have a number of initiatives in flight that will continue to drive this performance and differentiation.

我們的基礎業務正在主要市場和核心類別中得到加強，我們正在實施許多舉措，這些舉措將繼續推動這一業績和差異化。

Let me highlight a few areas that support and enable these growth plans.

讓我重點介紹支持和實現這些成長計劃的幾個領域。

First, our decisions to optimize our portfolio over the years allows us to concentrate our focus on four global categories, spices and seasonings, condiments and sauces, branded food service and flavors.

首先，我們多年來優化產品組合的決定使我們能夠將重點集中在四個全球類別：香料和調味料、調味品和醬汁、品牌食品服務和口味。

We are intentionally focused on these categories as they are critical to driving our profitable sales growth and strengthening our flavor leadership.

我們有意關注這些類別，因為它們對於推動我們的獲利銷售成長和加強我們的風味領導地位至關重要。

They drive the greatest value for McCormick and we are excited about our plans to continue to drive growth in each of them.

它們為味好美公司帶來了最大的價值，我們對繼續推動其中每個領域的成長的計劃感到興奮。

Furthermore, consumer demand for hot and spicy is strong and remains a significant tailwind to our growth.

此外，消費者對麻辣燙的需求強勁，仍是我們成長的重要推手。

We are uniquely positioned to win and eat with our global iconic brands, deep consumer insights, meaningful scale technology and expertise that we have been building for decades.

我們擁有獨特的優勢，可以憑藉我們幾十年來累積的全球標誌性品牌、深入的消費者洞察、有意義的規模技術和專業知識來贏得勝利。

Heat is a growth enabler in both of our segments and yet another reason to believe in our long term objectives.

熱量是我們兩個細分市場的成長推動者，也是相信我們長期目標的另一個理由。

Lastly, underpinning our long term growth objectives is a unique system of advantages that work together to drive our industry leading growth.

最後，支撐我們長期成長目標的是獨特的優勢體系，這些優勢共同推動我們領先產業的成長。

These advantages include the breadth and breach of our focused global portfolio, powerful leading brands, our heat platform, unique consumer insights, global sourcing capabilities and our disciplined approach to acquisitions and integrations.

這些優勢包括我們專注的全球產品組合的廣度和突破性、強大的領先品牌、我們的熱門平台、獨特的消費者洞察、全球採購能力以及我們嚴格的收購和整合方法。

Importantly, our power of people culture is at the foundation of it all.

重要的是，我們的人文文化力量是這一切的基礎。

These advantages together with the execution of our strategies are critical to ensuring we deliver on our growth potential.

這些優勢與我們策略的執行對於確保我們實現成長潛力至關重要。

Now over to Marcos.

現在輪到馬科斯了。

Thank you, Brendan and good morning everyone.

謝謝你，布倫丹，大家早安。

I'm pleased to be reporting on strong results for both the quarter and the year.

我很高興報告本季和全年的強勁業績。

Starting on slide 9, our total organic sales grew 2% for the quarter.

從投影片 9 開始，我們本季的有機總銷售額成長了 2%。

This increase was volume met with more than 2% volume and product mix growth partially upset by pricing.

這一增長是在銷售增長超過 2% 的情況下進行的，而產品組合的增長部分受到定價的影響。

We drove strong sequential volume improvement as you can see on the slide.

正如您在幻燈片中看到的那樣，我們推動了銷售的強勁連續成長。

Moving our consumer segment on slide 10, organic sales increased 3% as volume growth of 4% was partially offset by a 1% impact of price investments.

將我們的消費者細分市場移至幻燈片 10，有機銷售額增長了 3%，而 4% 的銷量增長被價格投資 1% 的影響部分抵消。

Consumer organic sales in the Americas increased by 4%.

美洲的有機消費品銷售額成長了 4%。

This increase reflects 5% volume growth, partially offset by price investments of 1%.

這一成長反映了 5% 的銷售成長，部分被 1% 的價格投資所抵銷。

Volume growth was focused in our core categories and was driven by our investments in brand marketing, innovation and expanded distribution.

銷售成長主要集中在我們的核心類別，並受到我們在品牌行銷、創新和擴大分銷方面的投資的推動。

Our investments are yielding positive results as in improved consumption and we expect the momentum to continue into 2025.

我們的投資在消費改善方面正在產生積極成果，我們預計這一勢頭將持續到 2025 年。

In EMEA, we grew consumer organic sales 3% driven by a 5% increase from volume, partially upset by promotional pricing of 2%.

在歐洲、中東和非洲地區，由於銷售量成長 5%，我們的消費者有機銷售額成長了 3%，部分原因是 2% 的促銷價格。

The volume growth was broad based across product categories in our major markets.

我們主要市場的各個產品類別的銷售成長都很廣泛。

We're pleased with the strong sustained volume growth momentum in EMEA in 2024.

我們對 2024 年歐洲、中東和非洲地區強勁的持續銷售成長勢頭感到高興。

Consumer organic sales in the region declined 10%, driven by an 11% decrease in volume, partially offset by a 1% contribution from price.

該地區的有機消費品銷售額下降了 10%，原因是銷量下降了 11%，但價格下降了 1%，部分抵消了這一影響。

This volume decline was primarily attributable to the micro environment in China.

銷售下降主要歸因於中國的微觀環境。

Turning to our Flavor Solutions segment on slide 11, fourth quarter, organic sales increased 1% driven by pricing.

轉向幻燈片 11 上的風味解決方案部分，第四季度，有機銷售額在定價的推動下增長了 1%。

In the Americas Flavor Solutions organic sales increased 1%, reflecting a 2% contribution from price partially offset by a 1% decrease in volume driven by softness in our CPG and QSR customers volumes.

在美洲風味解決方案部門，有機銷售額成長了 1%，反映出 2% 的價格貢獻被我們的 CPG 和 QSR 客戶數量疲軟導致的數量下降 1% 部分抵消。

This was partially offset by volume growth in flavors with high growth innovative customers as well as growth in the branded food service business.

這部分被高成長創新客戶的口味銷售成長以及品牌食品服務業務的成長所抵銷。

In EMEA, organic sales decrease by 4% including a 2% decline from price and a 2% impact of lower volume and product mix, reflecting the impact of soft CPG and QSR customers volumes.

在歐洲、中東和非洲地區，有機銷售額下降了 4%，其中包括價格下降 2% 以及銷量和產品組合下降 2% 的影響，反映了 CPG 和 QSR 客戶量疲軟的影響。

In the APAC region, Flavor Solutions organic sales increased 6%, with volume growth of 7% driven by QSR customer promotions (inaudible) time offers as well as new products partially offset by pricing of 1%. (inaudible) 12, gross profit margin expanded by 20 basis points in the fourth quarter versus the year ago period, driven primarily by the benefits from our comprehensive Continuous Improvement program or CCI.

在亞太地區，Flavor Solutions 的自然銷售額成長了 6%，在 QSR 客戶促銷（聽不清楚）時段優惠以及新產品的推動下，銷量成長了 7%，但部分被 1% 的定價所抵消。 （聽不清楚）12，第四季的毛利率比去年同期成長了 20 個基點，這主要是由於我們全面的持續改善計畫（CCI）帶來的好處。

For the year was margin expanded 90 basis points with incremental benefits from product mix and pricing.

本年度利潤率擴大了 90 個基點，產品組合和定價帶來了增量效益。

Selling, general and administrative expenses or SG&A increased relative to the fourth quarter of last year driven primarily by increased technology costs that shifted from the third quarter as we expected.

銷售、一般和管理費用或 SG&A 相對於去年第四季有所增加，主要是由於技術成本的增加，而技術成本正如我們預期的那樣從第三季度開始增加。

As a percentage of net sales, SG&A increased 80 basis points.

SG&A 佔淨銷售額的百分比增加了 80 個基點。

For the fiscal year, SG&A increased 40 basis points relative to 2023, primarily due to increased brand marketing as planned.

本財年，SG&A 較 2023 年增加了 40 個基點，主要是由於按計劃增加了品牌行銷。

For the fourth quarter, adjusted operating income declined by 1% with minimal impact from currency.

第四季，調整後營業收入下降 1%，匯率影響極小。

This decline was driven by the increase of SG&A as expected.

這一下降是由於 SG&A 如預期的增加。

For the total company, we grew fiscal year adjusted operating income 4.5% with minimal impacts on currency and drove adjusted operating margin expansion of 50 basis points with gross margin expansion more than offsetting the increase in SG&A expenses including our planned increased investments in remarketing.

就整個公司而言，我們的財年調整後營業收入增長了4.5%，對貨幣的影響微乎其微，調整後營業利潤率增長了50 個基點，毛利率增長足以抵消SG&A 費用的增加，包括我們計劃增加的再行銷投資。

Our performance in 2024 reflects our commitment to increase our profit realization and positions as well to make continuing investments to fuel top line growth.

我們 2024 年的業績反映了我們對增加利潤實現和頭寸以及持續投資以推動營收成長的承諾。

Our fourth quarter adjusted tax rate was 25.4% compared to 22.3% in the year ago period as expected.

我們第四季的調整後稅率為 25.4%，而去年同期的預期稅率為 22.3%。

For the year, our adjusted tax rate was 20.5%.

今年，我們調整後的稅率為20.5%。

A decrease of 150 basis points from 2023, driven by a greater level of discrete tax benefits than in the prior year.

由於離散稅收優惠水準高於前一年，較 2023 年下降 150 個基點。

Our income from unconsolidated operations in the fourth quarter declined 3%.

第四季我們的未合併業務收入下降了 3%。

As we mentioned on the last call, our results were impacted by the strengthening of the US dollar against the Mexican Peso which more than offset the strong performance in our largest joint venture McCormick De Mexico.

正如我們在上次電話會議中提到的，我們的業績受到美元兌墨西哥比索走強的影響，這遠遠抵消了我們最大的合資企業 McCormick De Mexico 的強勁業績。

The US to Mexican peso exchange rate was around 17 in the prior year compared to more than 20 in the fourth quarter reflecting approximately an 18% fluctuation that impacted our reported results.

去年，美國對墨西哥比索的匯率約為 17，而第四季的匯率則超過 20，反映出約 18% 的波動影響了我們報告的業績。

For the fiscal year, unconsolidated income increased 32% reflecting strong performance in McCormick De Mexico.

本財年，未合併營收成長了 32%，反映出 McCormick De Mexico 的強勁業績。

We remain the market leader with our McCormick branded Mayonnaise, Marmalade and Mustard product lines in Mexico and the underlying business continues to perform well and has contributed meaningfully to our net income and operating cash flow results this past year.

我們在墨西哥的味好美品牌蛋黃醬、果醬和芥末產品線仍然是市場領導者，基礎業務繼續表現良好，並為我們去年的淨利潤和經營現金流做出了重大貢獻。

Turning to our segment operational results on slide 13.

轉向幻燈片 13 上我們部門的營運表現。

Adjusted operating income in the consumer segment decreased 3% with minimal impact from currency.

消費者領域調整後的營業收入下降了 3%，貨幣影響極小。

The decrease was primarily due to pricing and increased SG&A costs partially upset by cost savings generated by our CCI program.

下降的主要原因是定價和 SG&A 成本增加，部分原因是我們的 CCI 計劃節省了成本。

2024 was a year of investment and as such adjusted operating income in the consumer segment rose 1%, while adjusted operating margin declined 10 basis points as we invested to drive top line volume led growth.

2024 年是投資的一年，因此消費領域的調整後營業收入成長了 1%，而調整後營業利潤率下降了 10 個基點，因為我們進行了投資以推動營收成長。

We're well positioned to continue this volume lead growth trajectory with strong margins.

我們處於有利地位，能夠以強勁的利潤繼續保持銷量領先的成長軌跡。

In fLavor Solutions adjusted operating income increased 5% or 7% in constant currency, driven by product mix, pricing and cost savings partially offset by increased SG&A costs. for the fiscal year, Our Flavor Solutions operating income grew 14% and operating margin expanded 140 basis points reflecting our continued focus on storing flavor solutions profitability.

在 fLavor Solutions 中，由於產品組合、定價和成本節約的推動，以固定匯率計算，調整後的營業收入增長了 5% 或 7%，但 SG&A 成本的增加部分抵消了這一影響。在本財年，我們的風味解決方案營業收入成長了 14%，營業利潤率擴大了 140 個基點，反映出我們繼續專注於儲存風味解決方案的獲利能力。

At the bottom line, as shown on slide 14, fourth quarter 2024 adjusted earnings per share was $0.80 as compared to $0.85 for the year ago period.

從底線來看，如幻燈片 14 所示，2024 年第四季調整後每股收益為 0.80 美元，而去年同期為 0.85 美元。

This decrease was primarily due to the unfavorable tax rate as well as the increase in SG&A that I mentioned earlier.

這一下降主要是由於不利的稅率以及我之前提到的銷售、管理和行政費用的增加。

For the year, we delivered earnings per share of $2.95 which represents a 9% increase over 2023, and above the high end of our guidance range.

今年，我們實現了每股收益 2.95 美元，比 2023 年增長 9%，高於我們指導範圍的上限。

On slide 15, we've summarized highlights for cash flow and the year end balance sheet.

在投影片 15 中，我們總結了現金流量和年末資產負債表的要點。

Our cash flow from operations in 2024 was $922 million compared to $1.2 billion in 2023.

2024 年我們的營運現金流為 9.22 億美元，而 2023 年為 12 億美元。

The benefit from the increase in earnings year-over-year was more than offset by the impact of cash used for working capital, primarily inventories driven by strategic buying decisions, increased incentive compensation payments and timing of cash tax payments.

獲利年增率所帶來的好處被用於營運資本的現金的影響所抵消，主要是策略性購買決策驅動的庫存、激勵性薪酬支付的增加和現金稅支付時間的影響。

We returned $451 million of cash to shareholders through dividends and used $275 million for capital expenditures.

我們透過股息向股東返還 4.51 億美元現金，並使用 2.75 億美元用於資本支出。

As a reminder, capital expenditures include projects to increase capacity and capabilities to meet growing demand, advance our digital transformation and optimize our cost structure.

需要提醒的是，資本支出包括提高產能和能力的項目，以滿足不斷增長的需求、推動我們的數位轉型和優化我們的成本結構。

Our priority remains to have a balanced use of cash.

我們的首要任務仍然是平衡使用現金。

This means funding investments to drive growth, returning a significant portion of cash to shareholders through dividends and maintaining a strong balance sheet.

這意味著為投資提供資金以推動成長，透過股息向股東返還大部分現金並保持強勁的資產負債表。

We remain committed to a strong investment grade rating.

我們仍然致力於維持強勁的投資評級。

With another year of strong cash flow driven by profit and working capital initiatives, we successfully reduced our leverage ratio to below 3 times in 2024 and improved our cash conversion cycle by 10% as compared to the prior year.

在利潤和營運資金措施的推動下，現金流又迎來了強勁的一年，我們成功地將槓桿率在 2024 年降低至 3 倍以下，並將現金週轉週期較上年提高了 10%。

In 2025, we expect to continue to deliver strong cash flow driven by profit and working capital initiatives.

到 2025 年，我們預計將在利潤和營運資本計畫的推動下繼續提供強勁的現金流。

Overall, our results for 2024 were consistent and in line with our guidance and reflect the success of our strategies and focused investments in the areas that drive the greatest value.

總體而言，我們 2024 年的業績是一致的，符合我們的指導方針，反映了我們的策略和在推動最大價值領域的重點投資的成功。

Now turn to our 2025 financial outlook on slide 16.

現在轉向幻燈片 16 上的 2025 年財務展望。

Our outlook continues to reflect our prioritized investments in key categories to strengthen volume trends and drive long term profitable growth, while appreciating the uncertainty of the consumer and micro environment.

我們的前景繼續反映我們對關鍵類別的優先投資，以加強銷售趨勢並推動長期獲利成長，同時認識到消費者和微觀環境的不確定性。

In addition, this outlook is in line with the expectations we lay out our investor day in October and reinforces our confidence in our 2028 targets as well as our long term objectives.

此外，這一前景符合我們在 10 月投資者日所製定的預期，並增強了我們對 2028 年目標以及長期目標的信心。

Turning to the details.

轉向細節。

First, currency rates are expected to have a one point negative impact on both net sales and adjusted operating income, and two points, unadjusted earnings per share.

首先，匯率預計將對淨銷售額和調整後營業收入產生 1 個百分點的負面影響，對未經調整的每股盈餘產生 2 個百分點的負面影響。

At the top line, we expect organic net sales growth to range between 1% and 3% and our growth to be fallen lead with minimal pricing.

在營收方面，我們預計有機淨銷售額成長將在 1% 至 3% 之間，並且我們的成長將在最低定價的情況​​下領先。

In China, our food away from home business which is included in the APAC consumer continues to be impacted by slower demand.

在中國，我們的外送業務（包括亞太地區消費者）持續受到需求放緩的影響。

As a result, our outlook assumes a gradual recovery and we expect China consumer sales to improve slightly year-over-year.

因此，我們的前景假設逐步復甦，並且預計中國消費者銷售將比去年同期略有改善。

While we recognize there has been weak demand, we continue to believe in the long term growth opportunity of the China business.

儘管我們認識到需求疲軟，但我們仍然相信中國業務的長期成長機會。

Our 2025 gross margin is projected to range between 50 to 100 basis points higher than 2024.

我們 2025 年的毛利率預計將比 2024 年高出 50 至 100 個基點。

This gross margin expansion reflects favorable impacts from product mix and cost savings from our CCI program, partially offset by the anticipated impact of a low single digit increase in cost inflation.

毛利率的成長反映了產品組合和 CCI 計畫成本節約的有利影響，但部分被成本通膨小幅成長的預期影響所抵銷。

In addition to our gross margin expansion, we expect SG&A benefits from cost savings to be partially offset by investments to drive volume growth, including brand marketing.

除了毛利率的擴張之外，我們預計成本節約帶來的銷售、管理費用（SG&A）收益將被包括品牌行銷在內的推動銷售成長的投資所部分抵銷。

For the year, we expect our brand marketing spend to increase in the high single digits reflecting a double digit increase, partially offset by anticipated CCI savings.

今年，我們預計我們的品牌行銷支出將以高個位數成長，反映出兩位數的成長，部分被預期的 CCI 節省所抵消。

As a result, our adjusted operating income is expected to grow 4% to 6% in constant currency.

因此，以固定匯率計算，我們調整後的營業收入預計將成長 4% 至 6%。

A balanced outlook that gives us the flexibility to continue to invest in the business while expanding margins in line with our 2028 objectives.

平衡的前景使我們能夠靈活地繼續投資業務，同時根據我們的 2028 年目標擴大利潤率。

In terms of tax, we expect our tax rate to be approximately 22% for the year compared to 20.5% in 2024, where we benefited from a number of discrete tax items that are not expected to repeat in 2025.

在稅收方面，我們預計全年稅率約為 22%，而 2024 年為 20.5%，我們受益於一些預計 2025 年不會重複的離散稅項。

We expect our income from unconsolidated operations to decline in the meetings range in 2025, reflecting the strengthening of the US dollar against the Mexican peso, which is impacting the results of our largest joint venture McCormick in Mexico.

我們預計，到 2025 年，我們的非合併業務收入將在會議範圍內下降，反映出美元兌墨西哥比索的走強，這正在影響我們在墨西哥最大的合資企業味好美公司的業績。

Excluding this currency headwind McCormick (inaudible) Mexico continues to deliver strong performance.

排除這種貨幣逆風，麥考密克（聽不清楚）墨西哥繼續表現強勁。

To summarize our 2025 adjusted earnings per share projection of $3.03 to $3.08 on a reported dollar basis reflects currency headwinds and the impact of the increased tax rate relative to the prior year.

總而言之，我們對 2025 年調整後每股收益的預測為 3.03 美元至 3.08 美元（按報告美元計算），反映了貨幣不利因素以及相對於上一年提高的稅率的影響。

On a constant currency basis, adjusted EPS is expected to grow between 5% and 7%.

以固定匯率計算，調整後每股盈餘預計將成長 5% 至 7%。

As we head into 2025, let me summarize some of the puts and takes to consider related to our performance.

在我們邁入 2025 年之際，讓我總結一下與我們的績效相關的一些需要考慮的因素。

We expect to continue to deliver total volume growth across both segments.

我們預計這兩個領域的總銷量將繼續增長。

Gross margin expansion for the first quarter is expected to be modest relative to the prior year, primarily due to price GAAP management investments that were mostly in place since the second quarter of 2024.

預計第一季的毛利率增幅將較上年小幅上升，這主要是由於自 2024 年第二季以來大部分已到位的 GAAP 價格管理投資。

We expect gross margin to build over the year consistent with historical trends.

我們預計今年的毛利率將與歷史趨勢一致。

We anticipate our SG&A will be impacted by a consistent increase in brand marketing every quarter in line with our full year guidance.

我們預計，我們的銷售、管理費用將受到每季品牌行銷持續成長的影響，這與我們的全年指導一致。

In addition, our stock based compensation expense will shift from the second quarter to the first quarter.

此外，我們的股票補償費用將從第二季轉移到第一季。

Impacting comparisons to the prior year.

影響與前一年的比較。

Our adjusted operating profit will be impacted by this shift in timing causing the first quarter to be flat or slightly down relative to the prior year.

我們調整後的營業利潤將受到此時間轉變的影響，導致第一季與前一年持平或略有下降。

However, this will be more than offset by operating profit growth in the second quarter and we expect our profitability to build throughout the year.

然而，這將被第二季營業利潤的成長所抵消，我們預計我們的獲利能力將在全年不斷增強。

As Brendan noted, we continue to prioritize our investments to drive impactful results.

正如布倫丹指出的那樣，我們繼續優先考慮我們的投資，以推動產生有影響力的成果。

Our continuation of volume net growth underscores that we are moving in the right direction, and we remain confident in the underlying fundamentals of our business and delivering on our 2025 financial outlook, near term and long term objectives.

我們銷售淨成長的持續凸顯，我們正在朝著正確的方向前進，我們對我們業務的基本面以及實現 2025 年財務前景、近期和長期目標仍然充滿信心。

Thank you Marcos.

謝謝馬科斯。

Before moving to Q&A, I would like to close with our key takeaways on slide 17.

在開始問答之前，我想以幻燈片 17 上的要點作為結束語。

The long term trends that fuel our categories.

推動我們品類發展的長期趨勢。

Consumer interest in healthy, flavorful cooking, heat, flavor, exploration, and trusted brands continue to be strong, and importantly, consumer interest in cooking remains elevated.

消費者對健康、美味的烹飪、熱量、風味、探索和值得信賴的品牌的興趣持續強勁，重要的是，消費者對烹飪的興趣仍然很高。

We are pleased with our results for the quarter and for the year.

我們對本季和全年的業績感到滿意。

These results demonstrate that we are investing in the areas that drive the most value and reinforces our confidence in our plans and long term objectives.

這些結果表明，我們正在投資能夠帶來最大價值的領域，並增強了我們對計劃和長期目標的信心。

We continue to execute on our strategic road map with speed and agility and in alignment with consumer trends further capitalizing on our attractive categories across segments and driving category leadership.

我們繼續快速、敏捷地執行我們的策略路線圖，並與消費者趨勢保持一致，進一步利用我們跨細分市場的有吸引力的類別並推動類別領導地位。

Our plans are yielding strong results and we expect the momentum to continue into 2025.

我們的計劃正在產生強勁成果，我們預計這一勢頭將持續到 2025 年。

We also continue to expand margins and manage our costs as we are investing in the business.

在投資業務時，我們也持續擴大利潤並管理成本。

These improvements are led by our favorable product mix and cost savings programs.

這些改進得益於我們有利的產品組合和成本節約計劃。

Our performance coupled with our growth plans gives us confidence in achieving our near and long term objectives.

我們的業績加上我們的成長計劃使我們有信心實現近期和長期目標。

We believe the execution of our growth plans will be a win for consumers, customers, our categories and McCormick, which will continue to differentiate and strengthen our leadership.

我們相信，我們的成長計畫的執行將是消費者、客戶、我們的品類和味好美公司的雙贏，這將繼續使我們脫穎而出並加強我們的領導地位。

Finally, I want to recognize all McCormick employees for their dedication and contributions, particularly as we navigate this complex environment, and reiterate my confidence that together we will continue to drive differentiated results and shareholder value.

最後，我要對所有味好美員工的奉獻和貢獻表示認可，特別是在我們應對這個複雜環境的過程中，並重申我的信心：我們將共同努力，繼續推動差異化業績和股東價值。

Now for your questions.

現在回答你的問題。

Thank you.

謝謝。

We'll now be conducting a question and answer session.(Operator instructions)

我們現在將進行問答環節。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great.

偉大的。

Thanks so much.

非常感謝。

Good.

好的。

Morning, everybody.

早安，大家。

Good morning.

早安.

And I guess to start off, Brandon Consumer Organic Sales came in almost 2.5% well ahead of what, the speed was anticipating and within that volume growth of 4% was, was obviously quite strong, even despite the weakness in China, particularly in the context, I guess of the broader packaged food environment.

我想首先，布蘭登消費者有機銷售額增長了近 2.5%，遠遠超出了預期速度，並且在 4% 的銷量增長範圍內，儘管中國市場疲軟，特別是在背景下，我猜想是更廣泛的包裝食品環境。

So I guess to what do you attribute this strength?

那我猜你將這種力量歸因於什麼？

And I guess more importantly, how do you see this momentum continuing into fiscal '25?

我想更重要的是，您如何看待這種勢頭持續到 25 財年？

Thank you, Andrew.

謝謝你，安德魯。

Well, just to, kind of lead off, we believe we're really well positioned to win an evolving environment.

好吧，首先，我們相信我們確實有能力贏得不斷變化的環境。

I think you saw, obviously some of that come through in our performance in the fourth quarter, even leading up through up to the fourth quarter, I think year-to-date.

我想你已經看到，顯然其中一些已經體現在我們第四季度的業績中，甚至一直到第四季度，我認為今年迄今為止。

So we've been delivering on our plans and our guidance for the year and essentially, accomplishing what we said we would do.

因此，我們一直在執行今年的計劃和指導，基本上完成了我們所說的要做的事情。

So, specifically from a consumer perspective, just, looking at, we're really pleased with the performance of the portfolio in the fourth quarter.

因此，特別是從消費者的角度來看，我們對第四季度投資組合的表現非常滿意。

The performance was pretty strong, global volume growth is around 4%.

表現相當強勁，全球銷售成長約 4%。

But importantly, like in the Americas, we saw about 5% volume mix growth, it was strong acceleration from the third quarter to the fourth quarter.

但重要的是，就像在美洲一樣，我們看到了約 5% 的銷售成長，這是從第三季到第四季的強勁加速。

And we saw very consistent, strong performance in EMEA at about 5%.

我們看到歐洲、中東和非洲地區的表現非常穩定、強勁，約 5%。

So, we're seeing volume growth in our core categories, I think a way to think about it is leading up to the fourth quarter, there are a lot of, very healthy things in place which were increased investments across our business.

因此，我們看到核心類別的銷售成長，我認為一種思考方式是在第四季之前，有很多非常健康的事情，這些事情增加了我們整個業務的投資。

Increase in brand marketing, we've had increased innovation, a lot of the new products that we're launching are meaningful to our performance expanded distribution.

品牌行銷的增加，我們增加了創新，我們推出的許多新產品對我們的業績擴展分銷有意義。

And then we also implemented price GAAP management too.

然後我們也實作了價格GAAP管理。

So all those were things kind of in the face kind of leading up to the fourth quarter, which were all quite positive and providing and supporting already what was emerging as really strong healthy volume growth.

因此，所有這些都是第四季度之前面臨的事情，所有這些都非常積極，並且已經提供和支持了真正強勁健康的銷售成長。

I think on top of that, what was different in the fourth quarter, in which you sort of accelerated that performance was just a great holiday season execution.

我認為最重要的是，第四季的不同之處在於，你在某種程度上加速了這一業績，這只是一個偉大的假期執行。

It's one of the best I've seen us execute and we're really, really happy with the way that unfolded.

這是我所見過的最好的執行方式之一，我們對進展的方式非常非常滿意。

We also had very successful, limited time offering in these finishing sugars.

我們也非常成功地限時供應了這些成品糖。

I mean, that shelf that was like a 90% shelter, it just really flew off the shelf.

我的意思是，那個架子就像一個 90% 的避難所，它真的從架子上飛走了。

So we had really good performance off of that.

所以我們的表現非常好。

We are also running a brand new marketing campaign supporting broadly the umbrella of McCormick and especially in the holidays and that campaign.

我們也開展了一項全新的行銷活動，廣泛支持味好美公司，特別是在假期和該活動中。

It was a refresh of what we had been running and it's really performing quite well.

這是對我們一直在運行的內容的刷新，而且表現確實非常好。

And I would also add on top of that, we're growing faster in unmeasured channels like e-commerce.

除此之外，我還要補充一點，我們在電子商務等不可衡量的管道中成長得更快。

And it's just sort of great execution beyond just grocery and mass.

這不僅僅是雜貨和大眾食品，而是一種出色的執行力。

So overall, we saw that,5% increase in volume also translated to 5% consumption growth.

所以總的來說，我們看到，5% 的銷售成長也轉化為 5% 的消費成長。

So, it was in line with shipment.

因此，它與發貨一致。

So I think it was a really pretty healthy quarter.

所以我認為這是一個非常健康的季度。

As we look beyond the fourth quarter and into 2025, I would, I think we sent an investor day, continued to increase in our brand marketing investment.

當我們展望第四季之後並進入 2025 年時，我認為我們舉辦了投資者日活動，繼續增加我們的品牌行銷投資。

We get great ROIs on that.

我們因此獲得了很高的投資報酬率。

We get great performance.

我們獲得了出色的表現。

We'll continue to sort of, lean into more brand management investments.

我們將繼續進行更多品牌管理投資。

I continue to increase in innovation.

我不斷加大創新力道。

So as we look ahead, we'll have strong performance on the items that we launched in '24, but it will also have more launching in '25.

因此，展望未來，我們在 24 年推出的產品將會有強勁的表現，但在 25 年也會推出更多產品。

We'll also have continued focus on renovation.

我們也將繼續關注翻新。

We spent some time talking about this investor day, but we'll have the new package for our grilling line fully on shelf by the time grilling season starts.

我們花了一些時間討論這個投資者日，但到燒烤季節開始時，我們的燒烤系列的新包裝將完全上架。

And we have the Gourmet launch sometime in the second half, which is a relaunch of just, product packaging and graphics and so that'll be exciting.

我們在下半年的某個時候推出了 Gourmet，這只是產品包裝和圖形的重新推出，所以這將是令人興奮的。

And the existing price GAAP management plans will remain place.

現有的價格 GAAP 管理方案將保留。

So that's part of our basis we move forward.

這是我們前進的基礎的一部分。

We'll share more details of cagy, but we do feel reasonably pretty good about, I think the performance in the fourth quarter around our consumer business globally.

我們將分享 cagy 的更多細節，但我認為我們對第四季度全球消費者業務的表現確實相當滿意。

Thanks for that.

謝謝你。

And then just briefly, Marcos, no surprise that fiscal '25 is another reinvestment year as you all highlighted at your analyst day last fall.

馬可斯，簡單地說，正如你們在去年秋天的分析師日上所強調的那樣，25 財年是另一個再投資年，這並不奇怪。

I was hoping you could talk a bit more about where this investment is targeted and and then how this all plays into your broader guidance for the year.

我希望您能多談談這項投資的目標，以及這一切如何影響您今年更廣泛的指導。

Thanks so much.

非常感謝。

Yeah, so Andrew.

是的，所以安德魯。

So we are expecting that we will continue to make investments on technology.

所以我們預計我們將繼續在技術上進行投資。

We talked about technology being one of the levers that shifted from Q3 into Q4 and you saw that was impacted in Q4 by that.

我們談到技術是從第三季度轉向第四季度的槓桿之一，您可以看到它在第四季度受到了影響。

But if you look at for the full year was at 40 basis points and that was primarily driven by brand marketing and a little bit of technology.

但如果你看看全年的成長率為 40 個基點，這主要是由品牌行銷和一些技術推動的。

But that technology in Q4 will continue to be line item in 2025.

但第四季的這項技術將繼續成為 2025 年的主要項目。

We're stepping up investments there.

我們正在加大那裡的投資。

We'll continue to drive our ERP implementation program plus also the new generation of capabilities, I would say, AI, things like that and machine learning capabilities.

我們將繼續推動我們的 ERP 實施計劃以及新一代功能，我會說，人工智慧，類似的東西和機器學習功能。

We are building a new data analytics hub across the organization.

我們正在整個組織內建立一個新的資料分析中心。

So we are stepping up investments in technology and I believe that over time we'll continue to drive CCI and (inaudible) for the company.

因此，我們正在加大對科技的投資，我相信隨著時間的推移，我們將繼續推動公司的 CCI 和（聽不清楚）。

Thank you.

謝謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey guys, good morning.

嘿夥計們，早安。

Thanks for the question.

謝謝你的提問。

If I could just follow up actually on Andrew's question around kind of organic sales and the acceleration that you saw in the fourth quarter and was expected for, for '25.

如果我能實際跟進安德魯關於有機銷售類型的問題以及您在第四季度看到的以及預期的 25 年加速增長。

Maybe just just two things, Brendan.

也許只有兩件事，布倫丹。

One, I think, when we talked to the Investor day, we were looking more for like a 2 to 3 on organic sales for for '25 as an initial and now the range has moved slightly below that.

一，我認為，當我們與投資者日交談時，我們更多地尋找 25 年有機銷售 2 至 3 作為初始值，現在該範圍已略低於該值。

So just curious kind of what, what transpired or what's changed from an organic sales standpoint.

所以只是好奇從有機銷售的角度來看，發生了什麼或發生了什麼變化。

And the second is, obviously that range would also imply a deceleration versus the fourth quarter.

第二個是，顯然這個範圍也意味著與第四季相比有所減速。

So just, it seems like you have great momentum coming out of 4Q and the comps are incredibly difficult.

所以，看起來你在第四季有很大的動力，而且比賽非常困難。

So just curious kind of where the, maybe there's some conservatism in there, but just where the range has moved would be helpful.

所以只是好奇，也許那裡有一些保守主義，但範圍變化的地方會有所幫助。

Thanks.

謝謝。

Yeah, we have to provide some perspective around the guidance specifically on net sales.

是的，我們必須針對專門針對淨銷售額的指導提供一些觀點。

We're exiting 2024 with the strong performance and good momentum like you called out.

正如您所說，我們將以強勁的業績和良好的勢頭結束 2024 年。

And it does set us up for, even good and strong performance in 2025.

它確實為我們在 2025 年取得良好且強勁的業績奠定了基礎。

I think from a top line perspective, this, guide reflects the volume driven plan around our business.

我認為從頂線的角度來看，本指南反映了圍繞我們業務的數量驅動計劃。

And it's really on algorithm if you will from a volume perspective, somewhat like we called out at Investor day.

如果你從交易量的角度來看，這實際上取決於演算法，有點像我們在投資者日所呼籲的那樣。

So it does call for a meaningful volume improvement year-over-year and there's very little if any price in the aggregate.

因此，它確實要求銷量逐年顯著提高，而且總體上的價格即使有也很少。

We are building off a stronger base of performance, let's say compared to '23.

與 23 年相比，我們正在建立更強大的績效基礎。

And there's balance growth between, let's say both the consumer business and the Flavor Solutions business.

假設消費者業務和風味解決方案業務之間存在平衡成長。

We also believe this guidance reflects just the context of the evolving marketplace.

我們還認為，該指南反映了不斷發展的市場背景。

I think, I kind of maybe speak to two points.

我想，我可能想說兩點。

What frames our our range on the low end is is China from a consumer perspective.

從消費者的角度來看，中國是我們低階產品的框架。

We're still seeing weak consumer confidence there and we expect a sort of slight, sort of gradual recovery there.

我們仍然看到那裡的消費者信心疲弱，我們預期那裡會出現輕微、逐步的復甦。

It's also the weakness, when we think about Flavor Solutions, it's the weakness that we're seeing in QSR channels, particularly in EMEA.

當我們考慮風味解決方案時，這也是我們在 QSR 管道中看到的弱點，尤其是在歐洲、中東和非洲地區。

What frames the high end though is the strength in consumer volumes in the Americas and EMEA.

不過，構成高端市場的是美洲和歐洲、中東和非洲地區消費者數量的實力。

I think overall this, our outlook is strengthening from what we said in 2024.

我認為總體而言，我們的前景比 2024 年所說的更加加強。

It reflects kind of a prudent view of the changing marketplace.

它反映了對不斷變化的市場的謹慎看法。

It's consistent with what we said at investor day.

這與我們在投資者日所說的一致。

And nothing's really changed in our thinking since then.

從那時起，我們的想法並沒有真正改變。

It's all quite consistent as we look at how we were thinking about 2025, back then in October and how we're thinking about it today.

當我們回顧 10 月我們對 2025 年的看法以及我們今天的看法時，這一切都非常一致。

That helpful.

很有幫助。

Thanks for framing that Brendan.

謝謝你陷害布倫丹。

And maybe just to follow up, the less talked about outside of America's consumer.

也許只是為了跟進，美國消費者之外談論較少。

Just your perspectives, US, food service, it seems like maybe we're setting up for a bit better year in '25.

僅就您的觀點而言，美國、食品服務，似乎我們正在為 25 年更好的一年做好準備。

EMEA, as well you talked about the weakness on QSR, but just that the EMEA consumer business has been delivering strong as well.

歐洲、中東和非洲地區，您也談到了 QSR 的弱點，但歐洲、中東和非洲消費者業務也一直表現強勁。

So just how you're thinking about Europe in '25.

那你是如何看待 25 年的歐洲的呢？

Thanks very much.

非常感謝。

Yeah, I think, well, we're certainly, we saw a lot of strength in 2024 out of EMEA from our consumer business.

是的，我認為，當然，我們在 2024 年看到了歐洲、中東和非洲地區消費者業務的強勁勢頭。

It's certainly offset what was weakness in Flavor Solutions.

這無疑彌補了風味解決方案的弱點。

I think our view is we still see continued strength in our consumer segment.

我認為我們的觀點是我們的消費領域仍然持續強勁。

There in the market, the plans are strong.

在市場上，計劃很強大。

Similar points to what I said, just, sort of the fourth quarter, those continue as we go into '25.

與我所說的類似，只是在第四季度，這些在我們進入 25 年後仍在繼續。

On the Flavor Solution side of the business, we see a sort of gradual strengthening of where we are there, but we have to kind of call out right now.

在業務的風味解決方案方面，我們看到我們的地位逐漸增強，但我們現在必須大聲疾呼。

It is sort of the volumed.

它有點像音量。

So, that's where we're seeing life today.

所以，這就是我們今天看到的生活。

But I think as we look towards the year improvement, overall in our performance in that part of the world, from a Flavor Solutions perspective.

但我認為，當我們展望今年的改進時，從風味解決方案的角度來看，我們在世界該地區的整體表現。

From a, let's say, CPG customer to a QSR customer, we think the strength will come in, certainly from CPG.

比方說，從 CPG 客戶到 QSR 客戶，我們認為力量將會進來，當然來自 CPG。

It'll start to build.

它將開始構建。

There is one, a couple still issues geopolitically happening within that part of the marketplace.

在該市場的一部分中，仍然存在一些地緣政治問題。

So we're seeing that come through.

所以我們看到了這一點。

And some of not only the perspective that we're getting from our customers, but that is playing out a little bit.

其中一些不僅是我們從客戶那裡得到的觀點，而且正在一點點發揮作用。

The Middle East conflict is starting to affect not just the QSR side of the business, but CPG.

中東衝突開始影響的不僅是 QSR 業務，還有 CPG。

However, we still see improved performance versus '24 on the Flavor Solutions side.

然而，我們仍然看到風味解決方案的表現與 24 年相比有所提高。

Thank you.

謝謝。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good morning everyone.

大家早安。

So first of all, can I ask about the pivot that you're doing in the Flavor Solutions segment into these new faster growth innovative customers.

首先，我可以問一下你們在風味解決方案領域所做的轉向這些新的更快成長的創新客戶的情況嗎？

I know you started that maybe a year or two ago.

我知道你可能在一、兩年前就開始了。

How quickly is that happening, are you able to share what proportion of sales those new customers represent and how that might develop over time?

這種情況發生的速度有多快，您能否分享這些新客戶所佔銷售額的比例以及隨著時間的推移可能會如何發展？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

Happy to provide some perspective around that.

很高興就此提供一些觀點。

We're not going to necessarily speak to sort of how the whole portfolio breaks down.

我們不一定會談論整個投資組合是如何分解的。

But despite what we're seeing in terms of just sort of overall flattish volumes that you saw in the fourth quarter, broadly, we do see just faster performance.

但是，儘管我們看到第四季度的整體銷售持平，但總的來說，我們確實看到了更快的表現。

And to give you some context, just these tend to be as we describe them as sort of higher growth innovator sort of customers.

為了給您一些背景信息，正如我們所描述的那樣，這些客戶往往是高成長創新客戶。

But it's happening in categories like (inaudible) and granola, crackers, suits and broth, beverage, whether it's with alcohol, without alcohol, or even sort of Performance Nutrition.

但這種情況正在發生在（聽不清楚）格蘭諾拉麥片、餅乾、套裝和肉湯、飲料等類別中，無論是含酒精的、不含酒精的，甚至是功能性營養品。

We continue to see strength in a number of these sort of end categories, if you will, up against those taste competencies that we called out at Investor Day.

如果你願意的話，我們繼續看到許多此類終端類別的實力，與我們在投資者日上呼籲的品味能力相比。

So these are customers that we continue to seek and acquire, and we believe that as we go into '25, we continue to really drive growth across this business, not only as volumes improve, but also as we gain share in the marketplace overall.

因此，這些是我們繼續尋求和獲取的客戶，我們相信，隨著我們進入 25 年，我們將繼續真正推動整個業務的成長，不僅是銷量的提高，而且是我們在整個市場中的份額的增加。

So if I were to think about like what that added context might be given the spirit of your question, that's probably, I think, the context of it is think about it from a market category perspective, we're just seeing a little bit faster growth in these areas.

因此，如果我要考慮一下添加的上下文可能會反映您的問題的精神，那麼我認為，它的上下文可能是從市場類別的角度考慮它，我們只是看到更快一點這些領域的成長。

(multiple speakers)

（多個發言者）

So just to add and food away from home, when you think about branded foodservice, we're still seeing, we had a very healthy year in 2024, on that part of our business.

因此，僅補充一下外出用餐，當您想到品牌餐飲服務時，我們仍然會看到，在我們的這部分業務上，我們在 2024 年度過了非常健康的一年。

And we expect that to also, that contributes to Alexia, is our performance in branded foodservice too and we expect traffic to incrementally get better, but we're gaining share and we're just driving a lot more activity with our customer base.

我們預計，對 Alexia 也有貢獻的是我們在品牌餐飲服務方面的表現，我們預計流量會逐漸好轉，但我們正在獲得份額，我們只是在客戶群中推動更多的活動。

There has been pretty healthy growth.

有相當健康的成長。

Perfect.

完美的。

And as a follow-up, I mean this is another broader-based question.

作為後續行動，我的意思是這是另一個更廣泛的問題。

If we see a number of food additives like Red number three or some of the others eliminated from the generally recognized as safe designation, and we see a round of reformulation across the broader industry.

如果我們看到一些食品添加劑，如紅三號或其他一些食品添加劑從公認的安全名稱中被淘汰，我們就會看到整個行業進行一輪重新配製。

How do you position yourself to best tap into that on the flavor solutions side to be part of that cycle if it plays out.

如果它成功的話，你如何定位自己以最好地利用風味解決方案方面的優勢，成為該週期的一部分。

Thank you.

謝謝。

I will pass it on.

我會把它傳遞下去。

Sure.

當然。

We see ourselves as actively in that going on right now today.

我們認為自己積極參與目前正在發生的事情。

The way we sort of have an opportunity to sort of play into those changes that may or may not occur, as you talked about changes in food regulation or just sort of a push towards healthier eating.

正如您談到食品監管的變化或只是推動更健康的飲食一樣，我們有機會參與那些可能發生或可能不會發生的變化。

We actively play a part right now with the customer base that we have today in terms of working on reformulations and product improvements.

我們現在在重新配方和產品改進方面積極與我們現有的客戶群合作。

I believe that this is where innovation really drives the industry, it has for decades and will continue to moving forward.

我相信，這就是創新真正推動產業發展的地方，幾十年來一直如此，並將繼續向前發展。

And so we believe we're points pretty well to be able to work with our customers on making any product formulation changes that they would like to make.

因此，我們相信我們能夠與客戶合作，對他們想要進行的任何產品配方進行更改。

This could be the removal of artificial colors, sodium reduction just increasing in clean ingredients.

這可能是去除人工色素，減少鈉含量只是增加清潔成分。

These are areas that we have been working on well up in prior to 2025.

這些是我們在 2025 年之前一直在努力的領域。

So we're quite confident that we'll participate in that.

所以我們非常有信心參與其中。

Great.

偉大的。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks for the question.

你好，謝謝你的提問。

Actually, I have a couple.

事實上，我有一對。

I want to know if I could hone in a little bit more on the guidance range of 1% to 3%.

我想知道我是否可以在 1% 到 3% 的指導範圍上再磨練一下。

You mentioned that the low end factors in weakness in China.

您提到低端因素是中國市場疲軟的原因。

And I want to know, could you be more specific about your expectations in China?

我想知道，您能更具體地談談您對中國的期望嗎？

With the low end of the range, the 1% entail China getting worse?

隨著範圍的低端，1％意味著中國變得更糟？

Or are you not that specific on what the 1% means?

還是你不太清楚 1% 的意思？

And then I had a quick follow-up.

然後我進行了快速跟進。

I think our characterization in terms of what starts to sort of provide context around where that loan might be is, thinking about at times, China is not met expectations, right?

我認為我們在開始提供有關貸款可能在哪裡的背景方面的描述是，有時會想到，中國沒有達到預期，對嗎？

We certainly saw that in '23 and then we saw it again in '24.

我們當然在 23 年看到了這一點，然後我們在 24 年再次看到了這一點。

And so I think what we're doing is we're kind of factoring that into our thinking, Rob.

所以我認為我們正在做的就是將這一點納入我們的思考中，羅布。

And as China, we do expect it to get sort of that slight gradual improvement.

作為中國，我們確實希望它能得到一點逐步的改善。

And in fact, Marcos and I were there actually just in the first week of January, spending time with our leaders in that business looking over just the changes in the marketplace as well as what are the growth plans for the year and what expectations should we have?

事實上，馬科斯和我實際上在一月份的第一周就在那裡，與我們該業務的領導者一起研究市場的變化以及今年的成長計劃是什麼以及我們應該有什麼期望？

So I think we're seeing a level of prudence from us just in terms of how to think about China.

因此，我認為我們在如何看待中國方面表現出了一定程度的謹慎。

And I think that's kind of the context, I would say that sort of provides that low-end context.

我認為這就是一種背景，我想說這提供了低端背景。

Obviously, (inaudible) what I framed is sort of what's driving the high end.

顯然，（聽不清楚）我所描述的是推動高端市場的因素。

Yes.

是的。

Rob, this is a dynamic environment.

羅布，這是一個充滿活力的環境。

We wanted to be balanced in our call right now, not only in terms of top line, but also in terms of from an OP perspective, and EPS, as you saw in the guide.

我們現在希望在我們的電話會議中保持平衡，不僅在營收方面，而且在營運角度和每股收益方面，正如您在指南中看到的那樣。

So we wanted to really be, I mean, I think it is a positive guide, but also it's balanced, giving the environment that we are in.

所以我們真的想成為，我的意思是，我認為這是一個積極的指導，但它也是平衡的，考慮到我們所處的環境。

Okay.

好的。

And the follow-up.

以及後續行動。

In fourth quarter, the flow-through to operating income wasn't quite as strong as we and I think the Street had expected.

第四季度，營業收入的流入並不像我們和我認為華爾街預期的那麼強勁。

And you talked about some really strong volumes in consumer.

您談到了一些非常強勁的消費量。

It looked really great.

看起來真的很棒。

And my perception is that consumer is higher gross margin than Flavor Solutions or just higher margin.

我的看法是，消費者的毛利率比風味解決方案更高，或者只是更高。

So can you explain, was your operating income in the fourth quarter in line with your expectations?

那麼您能否解釋一下，您第四季的營業收入符合您的預期嗎？

Or was there a little more incremental spending on distribution, which you mentioned in your your press release or the

或者，在發行方面是否有更多的增量支出，正如您在新聞稿或

(inaudible).

（聽不清楚）。

No, Rob.

不，羅布。

I mean it was pretty much in line with our expectations.

我的意思是，這非常符合我們的預期。

I mean, how we came in Q4.

我的意思是，我們在第四季的表現如何。

I mean, we talked about in the last call that we were going to be shifting some of the expenses primarily related to technology and R&D from Q3 into Q4.

我的意思是，我們在上次電話會議中談到，我們將把一些主要與技術和研發相關的費用從第三季轉移到第四季。

So that's what you've seen in the P&L for this quarter an impact from G&A primarily and that is what is kind of taking us down to a negative OP, slightly negative OP.

這就是您在本季的損益表中看到的，主要是來自一般管理費用的影響，這就是使我們的營運績效下降到負值、略為負值的原因。

But as you think about the SG&A from the SG&A perspective on a full year basis, it's in line as well with our expectations, 40 basis points incremental year-on-year on the back of (inaudible), continued technology investments, as I mentioned before.

但當你從全年的 SG&A 角度考慮 SG&A 時，它也符合我們的預期，正如我所提到的，在（聽不清）持續的技術投資的支持下，同比增長了 40 個基點前。

And the step-up in technology will continue into 2025.

技術的進步將持續到 2025 年。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Rob Dickerson, Jeffries.

羅布·迪克森，杰弗里斯。

Great.

偉大的。

Thanks so much.

非常感謝。

I guess just in terms of pricing in the commentary that you gave maybe Q1 as you continue to look to manage price gaps.

我想就您在第一季的評論中的定價而言，您將繼續尋求管理價格差距。

I guess my question is kind of, how much more, I guess, do you think you need to actually manage price gaps.

我想我的問題是，我想您認為還需要實際管理價格差距多少。

I think you talked about investment, where you're talking about technology investment, kind of brand building in general, a lot of different investments.

我認為您談到了投資，您談到了技術投資，一般的品牌建設，以及許多不同的投資。

If we focus just on price, do you feel like there's actually that much more price investment that needs to come through in Q1?

如果我們只關注價格，您是否認為第一季實際上需要進行更多的價格投資？

And then maybe any perspective on kind of how that flows through for the year?

那麼也許對這一年的流程有何看法？

And I just ask given especially consumer Americas volumes were fairly strong in Q4.

我只是想問一下，特別是美國消費者的銷售量在第四季相當強勁。

And I'm not sure that's Q4 specific because of some of the holiday products you had in the marketplace or volumes continue like kind of why do you need to continue to invest in price gaps?

我不確定這是第四季度的具體情況，因為市場上的一些假日產品或銷售仍在繼續，為什麼您需要繼續投資於價格差距？

Thanks.

謝謝。

Yes.

是的。

Rob, on price, I think there's really kind of two points maybe there to address in your question.

羅布，關於價格，我認為您的問題實際上有兩點需要解決。

As we think about price and we called out, we're still going to be overlapping the beginning of those investments in Q1.

當我們考慮價格並呼籲時，我們仍將在第一季開始重疊這些投資。

That's consistent.

這是一致的。

That level of investment is consistent with what we were doing previously like Q2, Q3 sort of year-to-date.

這一投資水準與我們先前在第二季、第三季的投資水準一致。

So as we go into Q1, we're not seeing a step-up in that.

因此，當我們進入第一季時，我們沒有看到這方面的進步。

We're seeing sort of a maintenance of it, if you will as we go into Q1.

當我們進入第一季時，如果你願意的話，我們會看到它的某種維護。

The way I would ask you to think about it over the balance of the year is maintaining that investment in our baseline, if you will of how we think about supporting our brands and supporting the volume growth that we've been driving.

我想請您在今年剩餘的時間裡考慮這個問題，如果您願意的話，請考慮我們如何考慮支持我們的品牌並支持我們一直在推動的銷售成長。

So the price gap management, as we have a plan for right now in '25 is a continuation of how we applied it in '24.

因此，我們在 25 年制定的價格差距管理計劃是我們在 24 年應用該計劃的延續。

Of course, throughout the year, we just don't sort of set those numbers and leave them and never look at them.

當然，在這一年裡，我們只是不會設定這些數字然後就不管它們，從不看它們。

We're constantly evaluating how they're performing.

我們不斷評估他們的表現。

So we have sort of surgical review of how, what's the return that we're getting, how they're applied.

因此，我們對如何獲得回報、如何應用這些回報進行了外科手術式的審查。

But I think from a macro standpoint, you should think about that as a continuation of what we did in '24.

但我認為從宏觀角度來看，你應該將其視為我們 24 年所做工作的延續。

You mentioned a little bit about sort of the performance in the fourth quarter and its strength.

您提到了一些有關第四季度的表現及其優勢的內容。

Let's also remember, the fourth quarter is our biggest quarter of the year in terms of consumption.

我們也請記住，就消費而言，第四季是我們一年中最大的季度。

And I think what you saw was just obviously, really strong execution, a pickup from consumers in terms of more scratch cooking, the holiday season.

我認為你所看到的顯然是非常強大的執行力，消費者在假期季節更多地開始烹飪方面有所回升。

The holiday season was a bit compressed, but it didn't seem to hurt us in any way.

假期有點壓縮，但這似乎並沒有對我們造成任何傷害。

And we had really overall pretty good performance.

我們的整體表現確實非常好。

But there's just a little other points of context I would add as you think through the profile of our performance.

但當你思考我們的表現時，我還想補充一些其他的背景知識。

Okay, great.

好的，太好了。

And then, maybe just kind of more broadly speaking, as you think of your portfolio, at least on the consumer side.

然後，也許只是更廣泛地說，當你想到你的投資組合時，至少在消費者方面。

It does seem as if, let's say, at least through the back half of last year, right, that kind of more meal-related items seem to be doing a little bit better, right, like (inaudible) to the store, whether it's chicken popstick, et cetera, versus maybe some more incremental pressure or ongoing pressure and some more discretionary items.

看起來，至少在去年下半年，對，那種更多與膳食相關的商品似乎做得更好一點，對，就像（聽不清）到商店，無論是雞肉棒等，與可能更多的增量壓力或持續的壓力以及一些更多的可自由支配的項目相比。

Kind of my guess is there is still some benefit, right, from those meal-related (inaudible) it's something you've been talking about for years, right?

我的猜測是，仍然有一些好處，對吧，從那些與膳食相關的（聽不清楚）中，這是你多年來一直在談論的事情，對嗎？

Consumers citing from scratch and at home and heard all through COVID and I'm just kind of curious kind of what the updated perspective is on some momentum, let's say, on the perimeter and some of these new related items and then clearly, how that would benefit, again, your Consumer Americas business.

消費者從頭開始，在家裡，在整個新冠疫情期間聽到了一切，我只是有點好奇，更新的觀點對某些勢頭有何影響，比如說，週邊和一些新的相關項目，然後很明顯，這是如何的將再次使您的美洲消費者業務受益。

That's all I have.

這就是我所擁有的一切。

Thank you.

謝謝。

Rob, I think there was a little bit there where you may have cut out, but I think I got your question, and that was more, what's our outlook on sort of the consumer in 2025.

Rob，我想您可能已經刪除了一些內容，但我想我明白了您的問題，更重要的是，我們對 2025 年消費者的前景是什麼。

I would say our outlook on the consumer environment hasn't changed significantly, but that doesn't mean it's boring.

我想說，我們對消費環境的看法並沒有重大變化，但這並不代表它很無聊。

There's a lot going on right there.

那裡發生了很多事情。

And I think a lot of it does really position us well to win in this evolving environment.

我認為其中許多確實使我們能夠在這個不斷變化的環境中獲勝。

The demand for flavor is pretty strong.

對風味的需求相當強烈。

As we've said before, others compete to the calories, we flavor them.

正如我們之前所說，其他人爭奪卡路里，我們為他們調味。

And we are seeing continuation of cooking at home and a focus on healthier eating, and we believe that, obviously, this positions our portfolio well to perform well in an environment like this.

我們看到在家做飯的趨勢仍在繼續，人們更加重視健康飲食，我們相信，顯然，這使我們的投資組合能夠在這樣的環境中表現良好。

We believe that value is going to remain important for consumers.

我們相信價值對消費者來說仍然很重要。

As you saw in some of my prepared remarks, it's still that lower income consumer.

正如您在我準備好的一些演講中看到的那樣，它仍然是低收入消費者。

It still remains quite challenged overall and they're looking for value and affordability and not just in the United States.

總體而言，它仍然面臨很大的挑戰，他們正在尋找價值和負擔能力，而不僅僅是在美國。

They're looking for it in Europe, they're looking for it in Asia.

他們在歐洲尋找它，他們在亞洲尋找它。

And so these are things that we believe are kind of globally consistent themes that we're seeing and to influence our plans and the way we think about our portfolio overall.

因此，我們認為這些是我們所看到的全球一致的主題，它們會影響我們的計劃以及我們對整體投資組合的思考方式。

So that's our context with the consumer going into 2025.

這就是我們對 2025 年消費者的背景。

I would say, remaining focused on driving towards healthy eating.

我想說的是，繼續專注於推動健康飲食。

When we see people go to the perimeter to buy more product, to buy more protein, we think they're doing it for two reasons.

當我們看到人們去週邊購買更多產品、更多蛋白質時，我們認為他們這樣做有兩個原因。

We're doing it because they're looking to obviously save money, stretch their budgets.

我們這樣做是因為他們顯然希望省錢，延長預算。

But also there's a bias towards easing health care.

但也存在著傾向於放鬆醫療保健的傾向。

Alright, super.

好吧，超級。

Thank you.

謝謝。

Ken Goldman, J. P. Morgan.

肯‧戈德曼，摩根大通。

Hi, thank you.

你好，謝謝。

I was hoping for a little bit of color on your outlook for margin expansion growth between the two segments.

我希望你們能對這兩個部門之間的利潤成長成長前景有所了解。

This past year 2024, consumer was flattish.

剛過去的 2024 年，消費者表現平平。

Obviously, Flavor Solutions had a great performance in terms of margin growth.

顯然，Flavor Solutions 在利潤成長方面表現出色。

Are you expecting maybe not the same magnitude, but sort of directional similarity just given some of the pressure the consumer might feel from higher ad spending, maybe a little bit more promotion.

您是否期望可能不是相同的幅度，而是某種方向上的相似性，只是考慮到消費者可能會因更高的廣告支出而感受到一些壓力，也許更多的促銷活動。

Just wanted to get a sense for how you would like us to kind of think about that progression from here.

只是想了解一下您希望我們如何思考從這裡開始的進展。

Yes, sure, Ken.

是的，當然，肯。

So first of all, I mean, we're very pleased with the gross margin expansion we had in 2024.

首先，我的意思是，我們對 2024 年毛利率的成長感到非常滿意。

I mean it was 90 basis points at the high end of our guidance range.

我的意思是，這是我們指導範圍上限的 90 個基點。

And we have really good reasons to believe that this will continue into 2025.

我們有充分的理由相信這種情況將持續到 2025 年。

So our call is 50 to 100 basis points into 2025 as well.

因此，我們的預測是到 2025 年也將利率下調 50 至 100 個基點。

A couple of items there.

那裡有幾件東西。

I would say that is driving these expectations for us.

我想說這推動了我們的期望。

Obviously, CCI and our productivity savings that we have in place right now is working very well for us.

顯然，CCI 和我們目前所節省的生產力對我們來說非常有效。

I mentioned technology before.

我之前提到過技術。

Technology will also help drive more savings in the future years.

技術也將有助於在未來幾年推動更多節省。

The usage of global business services organization will continue to tap on that simplifying process is standardizing the way that we do work, all of those things will help us drive more savings going into the future years.

全球商業服務組織的使用將繼續利用簡化流程來標準化我們的工作方式，所有這些都將幫助我們在未來幾年節省更多資金。

And then mix, portfolio mix is a big lever, particularly within Flavor Solutions as we continue to shift our portfolio to high-margin categories, such as flavors, brand and food service, those categories drive higher margins.

然後是混合，投資組合是一個很大的槓桿，特別是在風味解決方案中，因為我們繼續將我們的投資組合轉向高利潤類別，例如風味、品牌和食品服務，這些類別推動了更高的利潤。

So if you think about it between the two segments, I would expect more gross margin coming from the Flavor Solutions segment versus the consumer segment.

因此，如果你考慮這兩個細分市場，我預計風味解決方案細分市場的毛利率將高於消費者細分市場。

That is also in line with our strategy of continuing to drive profitability at the bottom line for Flavor Solutions.

這也符合我們持續提高風味解決方案獲利能力的策略。

As you saw, we've improved our operating margin by 140 basis points in 2024.

如您所見，2024 年我們的營業利潤率提高了 140 個基點。

And we have a commitment to get back to 14.5% by 2028.

我們承諾在 2028 年恢復到 14.5%。

So that was a very important progress that we made now two years in a row on Flavor Solutions.

因此，這是我們在風味解決方案上連續兩年取得的非常重要的進展。

So that is the whole idea about our guide in terms of gross margin as well as operating margin.

這就是我們關於毛利率和營業利潤率指南的全部想法。

Okay.

好的。

Thank you.

謝謝。

Max Gumport, BNP Paribas.

馬克斯‧岡波特，法國巴黎銀行。

Thanks for the question.

謝謝你的提問。

In the US specifically, your consumer segment is posting strong volumes, but you called out that your CPG customers and Flavor Solutions have soft volumes, which we can clearly see in Nielsen data as well.

特別是在美國，您的消費者細分市場銷量強勁，但您指出您的 CPG 客戶和風味解決方案銷量疲軟，我們也可以在尼爾森數據中清楚地看到這一點。

So I'm just curious for for your color on what's driving that dichotomy?Thanks

所以我只是好奇你對造成這種二分法的原因有何看法？

very much.

非常。

Well, as you know, Max, we compete within segments that are sort of very focused around herb spices and seasonings and continents and sauces.

好吧，正如你所知，麥克斯，我們的競爭領域非常集中於香草香料和調味料以及大陸和醬汁。

I think, when we think about our portfolio compared to the rest of food and beverage within the United States, I think we first have to start there.

我認為，當我們考慮我們的產品組合與美國其他食品和飲料相比時，我認為我們首先必須從這裡開始。

And these categories have healthy growth.

而且這些品類都有健康的成長。

And so we benefit from that.

所以我們從中受益。

But also, I believe that we jumped on execution quite early in 2024.

而且，我相信我們在 2024 年很早就開始執行。

If you think about, maybe my remarks back at the beginning, at this time last year, I said that it was our goal to move fast and really meet the consumer with where they were or where they are today.

如果你想一想，也許我在一開始的言論，去年的這個時候，我說過，我們的目標是快速行動，真正滿足消費者過去或現在的情況。

And that is a real intentional focus on our part from standpoint of being competitive and executing quickly in the marketplace.

從在市場上保持競爭力和快速執行的角度來看，這是我們真正有意的關注。

So I think we've also benefited from that.

所以我認為我們也從中受益。

In some of the categories in which we compete, large ones like (inaudible) and sauces, we're competing in what we believe are some of the faster-growing versions of condiments and sauces like (inaudible) as one example.

在我們競爭的一些類別中，例如（聽不清楚）和醬汁等大型類別，我們正在競爭一些我們認為成長較快的調味品和醬汁版本，例如（聽不清楚）。

Second category like mustard, we're growing it in particular, we're making (inaudible) to consumers.

第二類，像是芥末，我們正在特別種植它，我們正在為消費者生產（聽不清楚）。

By the way, a very sort of healthy profile when you think about that condiment.

順便說一句，當你想到那種調味料時，這是一個非常健康的形象。

So I think there's a number of indicators here that give us a little bit of sort of an improved profile, and it's a combination of both our execution and our commitment to drive the volume, but also we're operating in relatively healthy categories.

因此，我認為這裡有許多指標使我們的形像有所改善，這是我們的執行力和我們對推動銷售的承諾的結合，而且我們在相對健康的類別中運營。

And the consumer environment right now, certainly, as it always has, continues to favor the categories we play in.

當然，現在的消費環境一如既往地繼續有利於我們所處的類別。

Thanks.

謝謝。

And then Marcos, there is the comment about cash flow in in '24, being impacted by decisions to increase inventory.

然後馬科斯，有關於 24 年現金流的評論，受到增加庫存決策的影響。

I think there are strategic buying decisions.

我認為存在著策略性購買決策。

Can you just provide more color on what those were and how we should think about those in FY25.

您能否提供更多關於這些內容是什麼以及我們在 2025 財年應如何考慮這些內容的資訊。

I'll leave you there.

我會把你留在那裡。

Thanks very much.

非常感謝。

Sure.

當然。

I mean the cash flow continues to be a very positive outcome for us this year, continues to drive a lot of cash this company, $922 million in 2024.

我的意思是，今年的現金流對我們來說仍然是一個非常積極的結果，繼續為這家公司帶來大量現金，到 2024 年將達到 9.22 億美元。

We made some, and this is business as usual for us.

我們做了一些，這對我們來說一切如常。

We make decisions about for buying some of the commodities for us at times.

我們有時會決定為我們購買一些商品。

So oftentimes, we make those decisions to bring in inventory to protect service and to drive supply chain be available for supply chain, but also to lock in some favorable cost and so we do take those decisions oftentimes.

因此，我們經常做出這些決定，引入庫存以保護服務並推動供應鏈可供供應鏈使用，同時也鎖定一些有利的成本，因此我們確實經常做出這些決定。

Difficult to predict what's going to happen in 2025, but this is part of our playbook in terms of how we manage all the input costs and the components across the globe within our procurement organization.

很難預測 2025 年會發生什麼，但這是我們的策略的一部分，涉及我們如何在採購組織內管理全球所有投入成本和組件。

They have a very data-driven analysis and the methodology that they use, and we leverage a lot of that to make those decisions.

他們有非常數據驅動的分析和他們使用的方法，我們利用很多這些來做出這些決策。

Great.

偉大的。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great.

偉大的。

Hey, thanks.

嘿，謝謝。

Just one question for me, but maybe you both want to weigh in on it.

這只是我的一個問題，但也許你們都想參與其中。

Maybe the part from Marcos is just on your brand marketing plans for the year, it sounded like the rates of increase year-over-year was going to be pretty even throughout the year.

也許馬可斯的部分只是關於您今年的品牌行銷計劃，聽起來全年的同比增長率將相當均勻。

Just wanted to play that back and validate and if that's not correct, if you could give us a little little sense of the cadence of increase.

只是想回放並驗證，如果這不正確，您能否讓我們對增加的節奏有一點了解。

And then, Brendan, the other part of that is just kind of the where that money is going to go?

然後，布倫丹，另一部分就是這些錢要去哪裡？

And is it, should we think about it?

是不是，我們該思考一下？

Is it just more spending in the same direction?

只是在同一個方向增加支出嗎？

Or does the makeup of brand marketing the focus of that marketing shift at all in '25 versus what we've seen looking backwards.

或者說，品牌行銷的組成是否是 25 世紀行銷重點的轉變，而不是我們回顧過去所看到的。

So Steve, the first part of the question is yes.

所以史蒂夫，問題的第一部分是肯定的。

I mean the answer is yes.

我的意思是答案是肯定的。

I mean, we're going to be spending similarly to 2024 levels on (inaudible), high single digits, and it's going to be across all quarters.

我的意思是，我們的支出將與 2024 年的水平類似（聽不清楚），高個位數，而且將遍及所有季度。

So pretty much even across all quarters, leading to the high single digit, which is the same as we saw in 2024.

因此，幾乎所有季度的情況都是如此，導致了高個位數，這與我們在 2024 年看到的情況相同。

Steve, from a perspective of how we're spending that money, where we see obviously driving strong returns.

史蒂夫，從我們如何花錢的角度來看，我們顯然看到了強勁的回報。

I think it's sort of two perspectives on that.

我認為這有兩種觀點。

If you think about the vehicles that we go into and you think about the presentation that we shared at Investor Day.

如果您考慮我們所涉及的車輛，並考慮我們在投資者日分享的演示。

Those are the vehicles in which we're going into.

這些就是我們要搭乘的車輛。

So it's not that we see a dramatic change in exactly sort of how we're spending it, but you see that we're getting even greater penetration and reach as we add more dollars to support the investment behind our brands.

所以，這並不是說我們的支出方式發生了巨大的變化，而是隨著我們增加更多的資金來支持我們品牌背後的投資，我們的滲透率和影響力正在變得更大。

I would also say we also look strategically across the portfolio, we decided to increase spend levels on one brand versus another.

我還想說，我們也從策略角度審視整個產品組合，我們決定增加一個品牌相對於另一個品牌的支出水準。

If you think about this idea of driving resources and focus where we get the strongest return that also drives our thinking about that allocation of A&P.

如果你考慮一下驅動資源和專注於我們獲得最強回報的想法，這也會推動我們對廣告費用分配的思考。

So as we said, for example, in the beginning of '24, we were going to add a lot more media coverage and more 12-month coverage on a brand like Frank's RedHot and we've seen good performance off of that.

因此，正如我們所說，例如，在 24 年初，我們將增加對 Frank's RedHot 這樣的品牌的更多媒體報道和更多 12 個月的報道，我們已經看到了良好的表現。

And so that's in our baseline, and we'll continue to build on.

這就是我們的基線，我們將繼續在此基礎上繼續發展。

There are other brands which we are going to start to flex even more A&P spend into.

我們將開始投入更多的 A&P 支出給其他品牌。

So this is the mindset that we use.

這就是我們使用的心態。

But I think the review that Capita gave at Investor Day, I think, is a good illustration of where we tend to spend the money, but it's also, we're sort of starting to place increased spend on certain other brands.

但我認為，Capita 在投資者日上發表的評論很好地說明了我們傾向於把錢花在哪裡，但我們也開始在某些其他品牌上增加支出。

Great.

偉大的。

Thank you very much.

非常感謝。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

Good morning and thank you for choosing me in.

早安，感謝您選擇我加入。

I wanted to, I guess, first ask on just the cadence of earnings relative to the annual growth ranges for organic sales growth and operating profit growth.

我想，我想先詢問相對於有機銷售成長和營業利潤成長的年度成長範圍的收益節奏。

Should we be thinking about starting off the year within these annual guidance ranges and sustaining it?

我們是否應該考慮在這些年度指導範圍內開始新的一年並維持它？

Or is there some builds to be thinking about?

或者是否有一些構建需要考慮？

Thanks.

謝謝。

So in terms of top line, we'll continue to drive top line momentum from 2024 into 2025.

因此，就營收而言，從 2024 年到 2025 年，我們將繼續推動營收成長動能。

You'll see volume growth across both segments in Q1, and that should continue through Q4.

您將在第一季看到這兩個細分市場的銷售成長，並且這種情況應該會持續到第四季度。

So that's our expectations into this year.

這就是我們對今年的期望。

In terms of profit, I mean in my prepared remarks, I mentioned a little bit of a shift between Q1 and Q2.

就利潤而言，我的意思是在我準備好的發言中，我提到了第一季和第二季之間的一些轉變。

So you will see an operating profit that is in Q1 that is slightly down to flattish, I would say, given the pricing that we're lighting from prior year, but also shift, compensation shift from Q2 into Q1 now per new policy.

因此，我想說，考慮到我們從前一年開始的定價，你會看到第一季的營業利潤略有下降，但根據新政策，薪資從第二季轉移到第一季。

So that's going to impact Q1, but it's going to be more than offset by the increase of

因此，這將影響第一季度，但它將被

(inaudible).

（聽不清楚）。

So, and then you should see the similar trend going into the back half of the year.

因此，您應該會在今年下半年看到類似的趨勢。

So I'd say top line consistent across all quarters, a little bit of shift in OP between Q1 and Q2.

所以我想說，所有季度的營收都是一致的，第一季和第二季之間的營運略有變化。

Gross margin line pretty much consistent and growing across from Q2 to Q4.

從第二季度到第四季度，毛利率幾乎保持一致並且不斷增長。

Thanks for the color.

謝謝你的顏色。

And just on the JV income, I just wanted to clarify the currency versus underlying trends.

就合資企業的收入而言，我只是想澄清貨幣與基本趨勢的關係。

If we were to exclude the currency headwind, would this business and kind of how you're thinking about 2025 still be growing?

如果我們排除貨幣不利因素，這項業務以及您對 2025 年的看法是否還會成長？

Yes.

是的。

I mean, the business is still growing.

我的意思是，業務仍在成長。

The business is very robust (inaudible) in Mexico.

墨西哥的業務非常強勁（聽不清楚）。

Brendan and I are part of the Board of the JV, and we monitor the performance on a very close and on a quarterly basis.

布倫丹和我是合資公司董事會的成員，我們每季密切監控績效。

And, and I mean, the business is a very good business.

而且，我的意思是，這項業務是一項非常好的業務。

It drives a lot of volume.

它會帶來很大的成交量。

It drives a lot of profitability as well.

它也帶來了大量的盈利能力。

What's impacting is really the FX, the FX, the strengthening of the dollar up against the Mexican peso.

真正產生影響力的是外匯，外匯，美元兌墨西哥比索的走強。

And I mentioned it, it's about 20% devaluation of the Mexican peso year-on-year from 17 to 20 Mexican peso to the dollar, that is really what's impacting is on the translation of those results back into us.

我提到過，墨西哥比索兌美元匯率年減約 20%，從 17 墨西哥比索兌換到 20 美元，這才是真正影響我們將這些結果轉化為我們的結果。

But the underlying performance of the business is really, really strong right now.

但目前該業務的基本業績確實非常強勁。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

We have reached the end of our question and answer session.

我們的問答環節已經結束。

I would now like to hand the call back over Faten Freiha and free for closing remarks.

現在，我想將電話轉交給法登·弗雷哈 (Faten Freiha)，並發表結束語。

Thank you and thanks to all for joining today's call.

謝謝大家參加今天的電話會議。

If you have any further questions regarding today's information, please feel free to contact me.

如果您對今天的資訊還有任何疑問，請隨時與我聯繫。

This concludes our call this morning.

我們今天早上的電話會議到此結束。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連線。