McCormick Slides After Reducing FY22 Outlook

McCormick & Company, In. (MKC) shares are sliding more than 7 percent on Thursday morning trade after the company cut its earnings outlook for fiscal 2022.

McCormick reduced its fiscal 2022 earnings per share outlook to a range of $2.64 to $2.69, compared to $2.80 last year. Adjusted earnings per share is expected in the range of $2.63 to $2.68, compared to $3.05 in the prior year. The previous outlook was $3.03 to $3.08.

The company said it expects foreign currency rates in 2022 to unfavorably impact net sales by 3 percent, as compared to 2 percent in its previous financial outlook, and continues to expect adjusted operating income and adjusted earnings per share to be impacted unfavorably by 2 percent.

Sale is now expected to increase 2 percent, while its previous growth expectation was 3-5 percent or 5-7 percent on constant currency.

Currently, shares are at $78.95, down 7.12 percent from the previous close of $85.00 on a volume of 632,826.

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