McCormick & Company Issues FY24 Outlook

(RTTNews) - McCormick & Company, Incorporated (MKC) said it projects 2024 earnings per share to be in the range of $2.76 to $2.81. Excluding impacts, the company projects 2024 adjusted earnings per share to be in the range of $2.80 to $2.85, which represents an expected increase of 4% to 6%, or in constant currency 5% to 7%. Excluding the impact of special charges, adjusted operating income is expected to increase 3% to 5%, or in constant currency 4% to 6%, driven by gross margin expansion. In 2024, McCormick expects sales to range between a decline of 2% to flat compared to 2023, or a decline of 1% to an increase of 1% on a constant currency basis.

Fourth quarter earnings came in at $219.3 million compared with $185.7 million, previous year. Earnings per share was $0.81 compared to $0.69, prior year. Excluding impacts, adjusted earnings per share was $0.85 compared to $0.73. Excluding special charges, adjusted operating income was $311 million compared to $278 million. In constant currency, adjusted operating income increased 11% from the year-ago period. Analysts on average had expected the company to earn $0.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Fourth quarter sales increased 3% to $1.75 billion from the year-ago period, or 2% sales growth in constant currency.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.