Second quarter earnings per share was $0.56 compared to $0.44 in the year-ago period. The company expects sales growth to be driven primarily by pricing actions.įor fiscal 2023, the company expects strong cash flow driven by profit and working capital initiatives and expects returning a significant portion of cash flow to shareholders through dividends. In 2023, McCormick expects to grow sales by 5% to 7%. Analysts' estimates typically exclude special items. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.63.
The company previously projected adjusted operating income to increase 9% to 11%. Excluding the impact of special charges and integration expenses, adjusted operating income is expected to increase 10% to 12%. Excluding special charges, the company projects 2023 adjusted earnings per share to be in the range of $2.60 to $2.65, as compared to previously reported guidance of $2.56 to $2.61. McCormick projects 2023 earnings per share to be in the range of $2.44 to $2.49. The company expects strong underlying business performance in 2023 driven by sales growth. (RTTNews) - McCormick & Company, Incorporated (MKC) reaffirmed its fiscal 2023 sales outlook and raised its operating income and adjusted earnings per share outlook, driven by the strength of its year-to-date performance.
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