McCormick Reports Preliminary Third Quarter Performance and Updates 2022 Outlook

McCormick & Company, Incorporated, a global leader in flavor, today announced preliminary financial results for the third quarter that ended August 31, 2022 and updated its financial outlook for fiscal year 2022.

Preliminary Third Quarter 2022 Results

• Sales are expected to increase by approximately 3 percent in the third quarter from the year-ago period. In constant currency, sales are expected to increase by approximately 6 percent driven by growth in both the Consumer and Flavor Solutions segments. Both comparisons include an estimated 1 percent unfavorable impact from the divestiture of the Company’s Kitchen Basics business.
• Operating income is expected to be approximately $223 million in the third quarter compared to $265 million in the year-ago period. Adjusted operating income is expected to be approximately $226 million compared to $272 million in the third quarter of 2021.
• Earnings per share is expected to be approximately $0.79 in the third quarter, compared to the year-ago period. Adjusted earnings per share is expected to be approximately $0.65 as compared to $0.80 in the year-ago period.
• For fiscal year 2022, McCormick updated its sales, operating income, and earnings per share outlook.

For more information, visit the company’s official press release.