logo
  

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
Merck & Co., Inc., known as MSD outside the U.S. and Canada, has recalled one lot of intravenous antibiotic Cubicin (daptomycin for injection) 500 mg for the potential presence of particulate matter identified as glass particles, the U.S. Food and Drug Administration or FDA said in a statement. The National Restaurant Association or NRA shot out a letter to the U.S. Conference of Mayors suggesting that expanded outdoor dining is the need of the hour for the restaurant industry to sustain the winter. The NRA also warned that thousands of restaurants without this facility could close down very soon. The U.S. Food and Drug Administration is investigating a multistate outbreak of Salmonella Oranienburg infections linked to whole, fresh onions. The outbreak has resulted in 652 illnesses in consumers across the U.S. to date. The traceback investigation has identified Hailey, Idaho -based ProSource Inc., also known as ProSource Produce, LLC, as a source.
Follow RTT