McCormick: Reports FY-2022 Financial Results

Hunt Valley / MD. (mcc) McCormick + Company Inc., a global leader in flavour, reported results for the fourth quarter and fiscal year ended November 30, 2022 and provided its financial outlook for 2023.

  • For fiscal year 2022, sales increased 1 percent from the prior year and, in constant currency, sales grew 3 percent. Earnings per share was USD 2.52 as compared to USD 2.80 in 2021. Adjusted earnings per share was USD 2.53 as compared to USD 3.05 in 2021.
  • For the fourth quarter, sales declined 2 percent from the year-ago period and, in constant currency, sales increased 2 percent. Earnings per share was USD 0.69 in the fourth quarter as compared to USD 0.73 in the year-ago period. Adjusted earnings per share was USD 0.73 as compared to USD 0.84 in the year-ago period.
  • For fiscal year 2023, McCormick expects to increase year-on-year sales by 5 percent to 7 percent. The Company expects to grow operating income by 10 percent to 12 percent. Adjusted operating income is expected to increase 9 percent to 11 percent.

Chairman and CEO Lawrence E. Kurzius: «Our fourth quarter concluded a challenging year for McCormick as we navigated a dynamic global environment including persistently high cost inflation and supply chain challenges, significant disruptions in China related to COVID, and the conflict in Ukraine. Despite market-driven volatility, we ended the year with positive momentum in consumer consumption trends and Flavor Solutions demand, stabilized service levels and supply, and meaningful progress in starting to reshape our cost structure, all of which are important drivers in our continued execution of our long-term strategies.»

For additional information please read the company’s PDF file below (162 KB).