McCormick Q3 adj EPS $0.69 vs $0.80 YoY; reaffirms FY22 outlook

MCCORMICK & CO INC

2022-Q3 EPS reported $1.83 revenue$4,654,800,000

Net sales $1.60B (+3% reported, +6% constant currency); Consumer +1%, Flavor Solutions +6%.
GAAP EPS $0.82 vs $0.79; adjusted EPS $0.69 vs $0.80; adjusted op income $239M vs $272M.
Flavor Solutions segment op income fell 35% (CC -34%) on cost inflation and higher supply chain costs.
FY22 outlook reaffirmed: sales comparable to +2% (CC +3-5%); adj EPS $2.63-$2.68 vs prior $3.05.
Gross margin down 320 bps; supply chain normalization taking longer than expected.

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