McCormick & Company, Incorporated (MKC) reaffirmed its fiscal 2023 sales outlook and raised its operating income and adjusted earnings per share outlook, driven by the strength of its year-to-date performance. The company expects strong underlying business performance in 2023 driven by sales growth.
McCormick projects 2023 earnings per share to be in the range of $2.44 to $2.49. Excluding special charges, the company projects 2023 adjusted earnings per share to be in the range of $2.60 to $2.65, as compared to previously reported guidance of $2.56 to $2.61. Excluding the impact of special charges and integration expenses, adjusted operating income is expected to increase 10% to 12%. The company previously projected adjusted operating income to increase 9% to 11%. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.63. Analysts' estimates typically exclude special items.
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