McCormick Reaffirms FY24 Outlook - Update

(RTTNews) - McCormick & Company (MKC) reaffirmed its fiscal year 2024 sales, operating profit, and adjusted earnings per share outlook. McCormick projects 2024 earnings per share to be in the range of $2.76 to $2.81. The company expects special charges to lower earnings per share by $0.04 in 2024. Excluding items, the company projects 2024 adjusted earnings per share to be in the range of $2.80 to $2.85. In 2024, McCormick expects sales to range between a decline of 2% to flat compared to 2023, or between a decline of 1% to an increase of 1% on a constant currency basis.

Second quarter net income was $184.2 million, or $0.68 per share compared with $152.1 million, or $0.56 per share, in last year's second quarter. Excluding items, adjusted earnings per share was $0.69 compared to $0.60, prior year. Analysts on average had expected the company to earn $0.59 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue declined to $1.64 billion from $1.66 billion last year. Analysts on average had estimated $1.63 billion in revenue.

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