On our top line versus the year-ago period, we grew fourth quarter sales 11%.
Our fourth quarter adjusted operating income and adjusted earnings per share both increased 6%, driven by growth from higher sales and CCI-led cost savings, partially offset by cost inflation.
Consumer segment sales grew 10%, including incremental sales from our Cholula acquisition.
Our Americas sales growth was 13% in the fourth quarter, with incremental sales from our Cholula acquisition contributing 3% growth.
Our total McCormick U.S. branded portfolio consumption, as indicated in our IRI consumption data and combined with unmeasured channels, grew 1%, following a 17% consumption increase in the fourth quarter of 2020, which results in a 19% increase on a two-year basis.
Focusing further on our U.S. branded portfolio, our 19% consumption growth versus the fourth quarter of 2019 was the seventh consecutive quarter that our U.S. branded portfolio consumption grew double digits versus the two-year ago period.
Our Flavor Solutions segment grew 14%, reflecting higher base volume growth in new products as well as pricing actions to partially offset cost inflation and contributions for our FONA and Cholula acquisitions.
Notably, for the full year, on a two-year basis, we have driven 19% constant currency growth across the portfolio.
We drove record sales growth in 2021, growing sales 13% to $6.3 billion with strong organic sales growth and a 4% contribution from our Cholula and FONA acquisitions.
Notably, on a two-year basis, we grew sales 18%, reflecting a robust and sustained growth momentum in both of our segments.
Our Consumer segment sales growth of 9% was driven by consumer sustained preference for cooking more at home fueled by our brand marketing, strong digital engagement and new products, as well as growth from Cholula.
Versus 2019, we grew sales 20%, which reflects the continuation of consumers cooking and using flavor more at home and the strength of our brands.
Our Flavor Solutions segment growth of 19% reflected the strong continued momentum with the at-home products in our portfolio, including a record year of new product growth and a robust recovery from last year's lower demand for away-from-home products as well as contributions from FONA and Cholula.
On a two-year basis, we grew sales 15%, driven by the at-home part of our portfolio with demand for the away-from-home portion recovering to pre-pandemic levels.
We have consistently driven industry-leading sales growth resulting in McCormick being named to the latest Fortune 500.
At year end, our board of directors announced a 9% increase in our quarterly dividend, marking our 36th consecutive year of dividend increases.
We have paid dividends every year since 1925 and are proud to be a dividend aristocrat.
And just last week, Corporate Knights ranked McCormick in their 2022 Global 100 Sustainability Index as the world's 14th most sustainable corporation, and for the sixth consecutive year, No.
1 in the food products sector.
During 2021, we gained significant momentum on top of lapping elevated growth in 2020, adding over one million new households and growing Cholula's consumption 13% in 2021 versus last year.
Combined with 19% total distribution point growth in the fourth quarter of 2021, it is clear our plans are driving accelerated growth.
2 hot sauce brand in the U.S., joining Frank's RedHot, the No.
1 ranked brand, at the top of the category.
Beverages, with particular strength in the fast-growing performance nutrition category, continued to drive significant growth for FONA up 15% compared to last year.
For Cholula, we have achieved the targeted $10 million to be fully realized by 2022.
For FONA, we are on track to achieve our targeted $7 million by the end of 2023.
Early in 2021, we took the opportunity in a low interest rate environment to optimize our long-term financing following the acquisitions, raising $1 billion through the issuance of five-year 0.9% notes and 10-year 1.85% notes, and therefore, realized lower interest expense than we originally projected.
During the fourth quarter, we grew constant currency sales 10%, with higher volume and product mix.
Our organic sales growth was 6%, driven by strong growth in both the Consumer and Flavor Solutions segments.
And incremental sales from our Cholula and FONA acquisitions contributed 4% across both segments.
Versus the fourth quarter of 2019, we grew sales 15% in constant currency with both our Consumer and Flavor Solutions segments growing double digits.
During the fourth quarter, our Consumer segment sales grew 9% in constant currency, driven by higher volume and product mix, pricing actions and a 2% increase from our Cholula acquisition.
Compared to the fourth quarter of 2019, sales grew 14% in constant currency, led by the Americas.
On Slide 21, Consumer segment sales in the Americas increased 13% in constant currency, driven primarily by higher volume and product mix as the sustained shift to at-home consumption continues to drive increased demand as well as lapping last year's capacity constraints.
Pricing actions and a 3% increase from the Cholula acquisition also contributed to sales growth.
Compared to the fourth quarter of 2019, sales increased 19% in constant currency, driven by broad-based growth across branded products as well as an increase from the Cholula acquisition.
In EMEA, constant currency consumer sales declined 5% from a year ago due to lapping the high demand across the region last year.
On a two-year basis, sales increased 5% in constant currency driven by growth in spices and seasonings, hot sauce and mustard.
Consumer sales in the Asia/Pacific region increased 11% in constant currency due to the recovery of branded foodservice sales in China or away-from-home products and higher sales of cooking at-home products across the region.
We grew fourth quarter constant currency sales 12%, including a 7% increase from our FONA and Cholula acquisitions.
Compared to the fourth quarter of 2019, Flavor Solutions segment sales grew 16% in constant currency.
In the Americas, Flavor Solutions constant currency sales grew 13% year over year, with FONA and Cholula contributing 11%.
On a two-year basis, sales increased 15% in constant currency versus 2019, driven by higher sales from acquisitions and packaged food and beverage companies, partially offset by the exit of some lower-margin business in other parts of the portfolio.
In EMEA, constant currency sales grew 16% compared to last year due to increased sales to QSRs and branded foodservice customers, as well as continued growth momentum with packaged food and beverage companies.
Constant currency sales increased 26% versus the fourth quarter of 2019, driven by strong sales growth with packaged food and beverage companies and QSR customers.
In the Asia/Pacific region, Flavor Solutions sales rose 1% in constant currency versus last year and increased 8% in constant currency versus the fourth quarter of 2019, both driven by QSR growth and partially impacted by the timing of our customers' limited time offers and promotional activities.
As seen on Slide 28, adjusted operating income, which excludes transaction and integration costs related to the Cholula and FONA acquisitions as well as special charges, increased 6% in the fourth quarter versus the year-ago period with minimal impact from currency.
Adjusted operating income in the Consumer segment increased 14%, or in constant currency, 13%.
Brand marketing investments, as planned, were 10% lower in the quarter, following an 18% Consumer segment increase in the fourth quarter of last year.
For the full year, we increased our brand marketing investments 3%.
In the Flavor Solutions segment, adjusted operating income declined 16% or 15% in constant currency.
As seen on Slide 29, adjusted gross profit margin declined 150 basis points, driven primarily by the net impact of cost pressures we are experiencing and the phase-in of our pricing actions.
Our selling, general, and administrative expense as a percentage of sales declined 70 basis points, driven by leverage from sales growth and the reduction in brand marketing I just mentioned.
These impacts netted to an adjusted operating margin decline of 80 basis points, as we had expected.
For the fiscal year, adjusted gross profit margin declined 140 basis points, primarily driven by the cost pressures we experienced in the second half of the year and the lag in pricing.
Adjusted operating income grew 6% in constant currency with the Consumer segment's adjusted operating income increasing 1% and the Flavor Solutions segment 23%.
Adjusted operating margin declined 80 basis points for the fiscal year, driven by the adjusted gross profit margin decline.
Our fourth quarter adjusted effective tax rate was 21.3%, compared to 22.9% in the year-ago period.
For the full year, our adjusted tax rate was 20.1%, comparable to 19.9% in 2020.
Adjusted income from unconsolidated operations declined 40% versus the fourth quarter of 2020 and 5% for the full year.
At the bottom line, as shown on Slide 32, fourth quarter 2021 adjusted earnings per share increased to $0.84 from $0.79 in the year-ago period.
And for the year, adjusted earnings per share increased 8% to $3.05 for fiscal year 2021.
Our cash flow from operations for the year was $828 million.
We've returned $363 million of this cash to our shareholders through dividends and used $278 million for capital expenditures in 2021.
On the top line, we expect to grow constant currency sales 4% to 6%.
Our 2022 adjusted gross margin is projected to range between comparable to 2021 to 50 basis points lower than 2021.
We expect to grow our adjusted operating income 8% to 10% in constant currency, which reflects our robust operating momentum, a reduction in COVID-19-related costs and our continuing investment in ERP business transformation.
This projection includes inflationary pressure in the mid-teens, a low single-digit increase in brand marketing investments and our CCI-led cost savings target of approximately $85 million.
Our 2022 adjusted effective income tax rate is projected to be 22% to 23% based upon our estimated mix of earnings by geography as well as factoring in a level of discrete impacts.
This outlook versus our 2021 adjusted effective tax rate is expected to be a headwind to our 2022 adjusted earnings-per-share growth of approximately 3%.
Our 2022 adjusted earnings per share expectations reflect strong operating profit growth of 8% to 10% in constant currency, partially offset by the tax headwind I just mentioned.
This results in an increase of 4% to 6% or 5% to 7% in constant currency.
Our guidance range for adjusted earnings per share in 2022 is $3.17 to $3.22 compared to $3.05 of adjusted earnings per share in 2021.

Summary:
On our top line versus the year-ago period, we grew fourth quarter sales 11%.
We drove record sales growth in 2021, growing sales 13% to $6.3 billion with strong organic sales growth and a 4% contribution from our Cholula and FONA acquisitions.
Consumer sales in the Asia/Pacific region increased 11% in constant currency due to the recovery of branded foodservice sales in China or away-from-home products and higher sales of cooking at-home products across the region.
In the Americas, Flavor Solutions constant currency sales grew 13% year over year, with FONA and Cholula contributing 11%.
For the full year, we increased our brand marketing investments 3%.
At the bottom line, as shown on Slide 32, fourth quarter 2021 adjusted earnings per share increased to $0.84 from $0.79 in the year-ago period.
Our guidance range for adjusted earnings per share in 2022 is $3.17 to $3.22 compared to $3.05 of adjusted earnings per share in 2021.