{"id":133341,"date":"2023-06-29T11:39:07","date_gmt":"2023-06-29T11:39:07","guid":{"rendered":"https:\/\/fin2me.com\/?p=133341"},"modified":"2023-06-29T11:39:07","modified_gmt":"2023-06-29T11:39:07","slug":"mccormick-raises-fy23-adj-eps-guidance","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/mccormick-raises-fy23-adj-eps-guidance\/","title":{"rendered":"McCormick Raises FY23 Adj. EPS Guidance"},"content":{"rendered":"<p> McCormick &#038; 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. The company expects strong underlying <span>business<\/span> performance in 2023 driven by sales growth. <\/p>\n<p>McCormick projects 2023 earnings per share to be in the range of $2.44 to $2.49. 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. Excluding the impact of special charges and integration expenses, adjusted operating income is expected to increase 10% to 12%. The company previously projected adjusted operating income to increase 9% to 11%. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.63. Analysts&#8217; estimates typically exclude special items.  <\/p>\n<p>In 2023, McCormick expects to grow sales by 5% to 7%. The company expects sales growth to be driven primarily by pricing actions.<\/p>\n<p>For 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.<\/p>\n<p>Second quarter earnings per share was $0.56 compared to $0.44 in the year-ago period. Excluding impacts, adjusted earnings per share was $0.60 in the second quarter compared to $0.48. The company said this 25% increase was driven by higher adjusted operating income partially offset by higher interest expense and a higher adjusted effective tax rate. McCormick reported 8% sales growth in the second quarter from the year-ago period, or 10% in constant currency to $1.66 billion. <\/p>\n<p>For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. <\/p>\n<p>Source: <a href=\"https:\/\/www.rttnews.com\/3372914\/mccormick-raises-fy23-adj-eps-guidance.aspx?type=ern\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>McCormick &#038; Company, Incorporated (MKC) reaffirmed its fiscal 2023 sales outlook and raised its operating income and adjusted earnings per share outlook, driven by the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":133340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>McCormick Raises FY23 Adj. 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