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. The company expects strong underlying business<\/span> performance in 2023 driven by sales growth. <\/p>\n
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’ estimates typically exclude special items. <\/p>\n
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
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
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
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