McCormick Boosts FY21 Outlook - Quick Facts

While reporting financial results for the second quarter on Thursday, flavor maker McCormick & Co., Inc. (MKC) raised its earnings, adjusted earnings and sales growth guidance for the full year 2021, based on strong year-to-date results and robust operating momentum.

For fiscal 2021, the company now projects earnings in a range of $2.83 to $2.88 per share and adjusted earnings in a range of $3.00 to $3.05 per share on sales growth of 11 to 13 percent, which in constant currency is a 8 to 9 percent.

Previously, the company expected earnings in a range of $2.77 to $2.82 per share and adjusted earnings in a range of $2.97 to $3.02 per share on sales growth of 8 to 10 percent or 6 to 8 percent in constant currency.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.00 per share on sales growth of 9.30 percent to $6.12 billion for the year. Analysts' estimates typically exclude special items.

The company noted that it now expects a three-percentage point favorable impact from currency rates on sales and reaffirms the two-percentage point favorable impact from currency on adjusted operating income and adjusted earnings per share.

McCormick said it is well positioned for continued growth through the combination of its alignment with these consumer trends, the breadth and reach of its flavor portfolio and its effective growth strategies.

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