McCormick lowers FY2022 outlook; Q3 adj. EPS $0.65 vs $0.80 prior year

MCCORMICK & CO INC

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

Preliminary Q3 sales +3% (constant currency +6%); operating income ~$223M vs $265M.
Adjusted EPS expected $0.65, down from $0.80; GAAP EPS $0.79 vs $0.80.
FY2022 guidance cut: adjusted EPS now $2.63-$2.68 (prior $3.03-$3.08); adj. operating income decline 13%-11%.
Sales growth forecast lowered to 0%-2% (constant currency 3%-5%) from prior 3%-5% (5%-7% constant currency).
Cites earlier-than-expected consumption moderation, slower supply chain recovery, and currency headwinds.

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