2023-03-28 06:33:47 ET
- McCormick press release ( NYSE: MKC ): Q1 Non-GAAP EPS of $0.59 beats by $0.09 .
- Revenue of $1.56B (+2.6% Y/Y) beats by $20M .
- Reaafirm 2023 outlook:
- For fiscal year 2023, McCormick expects to increase year-on-year sales by 5% to 7% vs 5.29% consensus.
- The Company expects to grow operating income by 10% to 12%. Adjusted operating income is expected to increase 9% to 11%.
- McCormick projects 2023 earnings per share to be in the range of $2.42 to $2.47, compared to $2.52 of earnings per share in 2022. The Company expects special charges to lower earnings per share by $0.14 in 2023. Excluding these impacts, the Company projects 2023 adjusted earnings per share to be in the range of $2.56 to $2.61 vs $2.57 consensus, compared to $2.53 of adjusted earnings per share in 2022.
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McCormick Non-GAAP EPS of $0.59 beats by $0.09, revenue of $1.56B beats by $20M