McCormick Guides FY23 Adj. EPS Below Estimates - Update

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, flavor maker McCormick & Co., Inc. (MKC) initiated its earnings, adjusted earnings and sales growth guidance for the full year 2023.

For fiscal 2023, the company now projects earnings in a range of $2.42 to $2.47 per share and adjusted earnings in a range of $2.56 to $2.61 per share on sales growth of 5 to 7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.90 per share on sales growth of 3.10 percent to $6.63 billion for the year. Analysts' estimates typically exclude special items.

For fiscal 2023, the Company said it expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends. It expects strong underlying business performance in 2023 driven by sales growth.

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