McCormick Q1 sales +5% constant currency; adjusted EPS $0.59; reaffirms FY2023 outlook

MCCORMICK & CO INC

2023-Q1 EPS reported $0.52 revenue$1,565,500,000

Sales $1.57B, +3% reported; Consumer segment -2%, Flavor Solutions +10%.
GAAP EPS $0.52 (down from $0.57); adjusted EPS $0.59 (down from $0.63).
FY2023 outlook reaffirmed: sales growth 5-7%, adj. EPS $2.56-$2.61 (up 1-3%).
GOE program targeting $75M cost savings in 2023; gross margin improvement underway.
Operating cash flow $103M vs $18M in prior year, driven by lower incentive comp.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MCCORMICK & CO INC reported first quarter ended February 28, 2023 results: EPS $0.52. Guidance reaffirmed.

Period: first quarter ended February 28, 2023
EPS: $0.52
Guidance: reaffirmed
Result: reported results

Exact text from the filing

McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the first quarter ended February 28, 2023 and reaffirmed its financial outlook for fiscal year 2023.

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Source: SEC EDGAR

accession 0000063754-23-000009

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