McCormick Q3 EPS $0.83 beats $0.65 prior; reaffirms 2024 outlook, sees volume growth

MCCORMICK & CO INC

2024-Q3 EPS reported $2.13 revenue$4,925,700,000

Sales flat YoY at ~$1.68B; volume growth 1% offset by price; gross margin +170 bps.
Adjusted EPS $0.83 vs $0.65; adjusted operating income up 15% to $288M.
FY2024 outlook: adjusted EPS $2.85-$2.90, growth 5-7%; sales growth (1%) to 1%.
Consumer segment flat sales; Flavor Solutions adj. op income +31% on CCI cost savings.
Net cash from ops YTD $463M vs $660M; company expects strong cash flow and dividends.

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