McCormick Guides FY23 Adj. EPS Below Estimates - Update

RTTNews | 824 days ago
Stocktwits
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.

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

Tags: MKC
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McCormick Lifts FY24 Earnings View After Strong Q3 Results; Stock Up

McCormick Lifts FY24 Earnings View After Strong Q3 Results; Stock Up

Shares of McCormick & Co. Inc. were gaining around 5 percent in the pre-market activity on the NYSE after the seasonings and spices maker increased its fiscal 2024 outlook for earnings after reporting higher third-quarter earnings, above market. The company further reaffirmed its sales and operating profit growth outlook for the year on a constant currency basis.
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While reporting financial results for the second quarter on Wednesday, flavor maker McCormick & Co., Inc. (MKC) trimmed its earnings and adjusted earnings guidance for the full year 2022, while maintaining annual sales growth outlook.
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