While reporting financial results for the fourth quarter on Thursday, flavor maker McCormick & Co., Inc. (MKC) initiated its earnings, adjusted earnings and sales growth guidance for the full year 2022, above analysts' expectations.
For fiscal 2022, the company now projects earnings in a range of $3.07 to $3.12 per share and adjusted earnings in a range of $3.17 to $3.22 per share on sales growth of 3 to 5 percent, which in constant currency is 4 to 6 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.08 per share on sales growth of 2.40 percent to $6.45 billion for the year. Analysts' estimates typically exclude special items.
McCormick said it expects sales growth to be driven by brand marketing, new products, category management and differentiated customer engagement, as well as pricing actions, which in conjunction with cost savings, are expected to offset anticipated inflationary pressures.
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