McCormick Q1 sales +3% but adjusted EPS $0.63 down 12.5% YoY; reaffirms FY2022 guidance

MCCORMICK & CO INC

2022-Q1 EPS reported $0.57 revenue$1,522,400,000

Sales $1.52B (+3% reported, +4% constant currency); Consumer -2%, Flavor Solutions +12%.
GAAP EPS $0.57; adjusted EPS $0.63 vs $0.72; declined on inflation and supply chain costs.
Operating income $207M; adjusted operating income $227M vs $263M; gross margin down 220 bps.
FY2022 outlook reaffirmed: sales +3-5% (4-6% cc), adj. operating income +7-9%, adj. EPS $3.17-$3.22.
Consumer segment sales -2% (Americas +2%, EMEA -14%, Asia/Pacific -4%).

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