McCormick Initiates FY21 Outlook In Line With Estimates - Quick Facts

While reporting financial results for the fourth quarter on Thursday, McCormick & Co., Inc. (MKC) initiated its earnings, adjusted earnings and sales growth guidance for the full year 2021, in line with analysts' expectations.

For fiscal 2021, the company now projects earnings in a range of $2.71 to $2.76 per share and adjusted earnings in a range of $2.91 to $2.96 per share on sales growth of 7 to 9 percent, which in constant currency is a 5 to 7 percent and includes the incremental impact of the Cholula and FONA acquisitions.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.96 per share on sales growth of 5.0 percent to $5.89 billion for the year. Analysts' estimates typically exclude special items.

The Company said it expects strong underlying business performance and the acquisitions to drive significant operating income and earnings per share growth, partially offset by an incremental investment in business transformation and a higher projected effective tax rate.

The Company expects the shift in consumer demand to at-home consumption to be sustained at higher than pre-pandemic levels, as well as a gradual recovery in the demand from restaurant and other foodservice customers which have been impacted by the curtailment of away from home dining.

For fiscal year 2021, the Company projects another year of strong cash flow, with plans to return a significant portion to McCormick's shareholders through dividends and to pay down debt.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing. Twitter, Inc. (TWTR) announced Monday that it has entered into a binding agreement to settle the consolidated class action lawsuit commenced in 2016 in the United States District Court for the Northern District of California. Under the terms of the proposed settlement, Twitter will pay $809.5 million... Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement.
Follow RTT