McCormick Reinstates FY20 Outlook; Announces 2-for-1 Stock Split - Quick Facts

While reporting financial results for the third quarter on Tuesday, McCormick & Co., Inc. (MKC) reinstated its adjusted earnings and sales guidance for the full year 2020, reflecting strong business performance driven by expected sales growth.

For fiscal 2020, the company now projects earnings in a range of $5.60 to $5.68 per share and adjusted earnings in a range of $5.64 to $5.72 per share on sales growth at the upper end of a 4 to 5 percent range, which in constant currency is a 5 to 6 percent growth rate.

McCormick previously withdrew its fiscal 2020 guidance on March 31, 2020, due to the uncertainty of the duration and extent of the coronavirus (COVID-19) pandemic impact.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.76 per share on sales growth of 3.4 percent to $5.53 billion for the year. Analysts' estimates typically exclude special items.

McCormick's Board of Directors also approved a 2-for-1 stock split of the company's common and common non-voting shares to be distributed on November 30, 2020 to stockholders of record as of November 20, 2020. The company last completed a stock split in April 2002.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
This Black Friday and the following holiday season, retailers across the United States are urged to keep up their inventory amid expected surge in shopping as majority of Americans wait till last minute to fill their baskets, according to certain studies. A new Oracle Retail survey, which was conducted last week and presented earlier this week, showed that 66 percent of consumers were less than Eagle, Idaho -based Flagship Food Group is recalling certain TJ Farms Select brand frozen cauliflower, citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The recall involves a limited number of cases of TJ Farms Select cauliflower that comes in 16 oz. packages with lot code 2077890089 and UPC code 75544000604-3. The U.S. Food and Drug Administration has approved Takeda Pharmaceuticals Co. Ltd.'s Livtencity (maribavir) as the first drug to treat post-transplant cytomegalovirus or CMV in adults and pediatric patients. The approval is to treat patients 12 years of age and older and weighing at least 35 kilograms with post-transplant CMV infection/disease that does not respond...
Follow RTT