McCormick Q2 adj EPS $0.48 vs $0.69 YoY; cuts FY2022 adj EPS guidance to $3.03-3.08

MCCORMICK & CO INC

2022-Q2 EPS reported $1.01 revenue$3,059,200,000

Sales down 1% to $1.54B (constant currency flat); impacted by China COVID lockdowns, Ukraine conflict.
Operating income $157M vs $237M YoY; adjusted operating income $174M vs $258M.
Consumer segment sales -8%; Flavor Solutions +10% (constant currency +11%).
FY2022 adj EPS guidance lowered to $3.03-3.08 from prior $3.17-3.22; constant currency growth 1-3%.
CEO cites persistent cost inflation and supply chain challenges; pricing actions expected to offset in H2.

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