McCormick & Co., Inc. - Ordinary Shares (Non Voting)

NYSE:MKC  
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Other Pre-Announcement

Mccormick Reports Second Quarter Performance And Updates 2022 Outlook

Published: 06/29/2022 10:43 GMT
McCormick & Co., Inc. - Ordinary Shares (Non Voting) (MKC) - Mccormick Reports Second Quarter Performance and Updates 2022 Outlook.
Q2 Adjusted Earnings per Share $0.48.
Q2 Earnings per Share $0.44.
For Fiscal Year 2022, Mccormick Updated Its Sales, Operating Income, and Earnings per Share Outlook.
Currently Navigating a Challenging Global Environment Including Persistently High Cost Inflation and Supply Chain Challenges.
In 2022, Company Expects to Grow Sales 3% to 5% Compared to 2021.
Projects 2022 Earnings per Share to Be in Range of $2.89 to $2.94.
Mccormick- Lapping Trade Inventory Replenishments During Last Year's Q2 and Exit of Low Margin Business Impacted Comparisons to Year-ago Performance in Quarter.
Operating Income in 2022 is Expected to Grow 4% to 6% From $1.02 Billion in 2021.
We Expect Our Pricing Actions and Other Levers to Begin to Outpace Cost Pressures in Second Half of This Year.
Anticipates Integration Expenses Related to Fona Acquisition of Approximately $3 Million in 2022.
Expects About $46 Million of Special Charges in 2022 That Relate to Previously Approved Organization and Streamlining Actions.
Projects 2022 Adjusted Earnings per Share to Be in Range of $3.03 to $3.08.
Revised Guidance is Driven by Updated Adjusted Operating Income Outlook and an Optimization of Company's Debt Portfolio.
FY2022 Earnings per Share View $3.16, Revenue View $6.59 Billion -- Refinitiv Ibes Data (analyst estimates).
Q2 Earnings per Share View $0.65, Revenue View $1.61 Billion -- Refinitiv Ibes Data (analyst estimates).