2024

Better

when

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<p class="has-drop-cap">McCormick &amp; Company, Incorporated (NYSE: MKC), a global leader in flavor, reported its financial results for the <a href="https://ir.mccormick.com/news-releases/news-release-details/mccormick-reports-second-quarter-performance-reaffirms-2024" target="_blank" aria-label="second quarter ended May 31, 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">second quarter ended May 31, 2024</a>. The company experienced a slight decline in sales, down 1% from the same period last year. <br><br>This decline was consistent in both reported and constant currency terms. The decrease in sales was primarily driven by a 1% volume decline in the Flavor Solutions segment, which more than offset the volume growth in the Consumer segment.</p>
<p>Operating income for the quarter was $234 million, up from $222 million in the previous year. Operating income was $236 million when adjusted for special charges, compared to $235 million last year. <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">Earnings per share (EPS)</a> notably increased, reaching $0.68 compared to $0.56 in the year-ago period. Adjusted EPS was $0.69, up from $0.60, reflecting a positive impact from discrete tax benefits and improved performance from joint ventures, particularly McCormick de Mexico.</p>
<h3 id="mccormick-company-surpasses-eps-revenue-expectations-in-fiscal-q2">McCormick &amp; Company Surpasses EPS, Revenue Expectations in Fiscal Q2</h3>
<p>Compared to market expectations, McCormick’s second quarter of 2024 performance exceeded analyst predictions. The expected EPS for the quarter was $0.59, but the company outperformed with an actual EPS of $0.68. <br><br>This significant beat can be attributed to higher operating income and favorable tax benefits. The adjusted EPS of $0.69 surpassed the anticipated figure, underscoring the strength of McCormick’s operational efficiency and strategic investments.</p>
<p>Revenue expectations for the quarter were set at $1.63 billion, and McCormick reported actual revenue of $1.643 billion. Although the sales declined by 1% year-over-year, the company met the revenue expectations, indicating a resilient performance amidst challenging market conditions. The slight decline in sales was attributed to strategic divestitures and lower demand in certain segments, which were anticipated by the market.</p>
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<h3 id="mccormick-company-reaffirms-fiscal-2024-outlook-expects-eps-in-the-range-of-2-76-to-2-81">McCormick &amp; Company Reaffirms Fiscal 2024 Outlook, Expects EPS in the Range of $2.76 to $2.81</h3>
<p>McCormick reaffirmed its fiscal 2024 outlook, projecting a continued focus on strengthening volume trends and prioritizing investments to drive profitable growth. <br><br>The company expects sales to range between a 2% decline and flat growth compared to 2023 or between a 1% decline and a 1% increase on a constant currency basis. This guidance reflects the anticipated impact of prior pricing actions and strategic decisions made in 2023, including discontinuing low-margin businesses and divestitures.</p>
<p>Operating income for 2024 is expected to grow by 8% to 10%, driven by gross margin expansion and significant investments in brand marketing. The company anticipates adjusted operating income to increase by 3% to 5%, or 4% to 6% on a constant currency basis. <br><br>McCormick projects its 2024 EPS to be in the range of $2.76 to $2.81, with adjusted EPS expected to be between $2.80 and $2.85, representing an increase of 4% to 6%, or 5% to 7% on a constant currency basis.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/mccormick-company-reports-better-than-expected-q2-earnings/">McCormick &amp; Company Reports Better than Expected Q2 Earnings</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

McCormick & Company Reports Better than Expected Q2 Earnings

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