1/4/2024 0 Comments Spike seasoning reviewCooking at home remains higher than pre-pandemic levels, reinforcing our expectation that the shift in consumer demand to at-home-consumption will be sustained. We are increasing our brand marketing investments in our updated outlook and are focusing its messaging on value, which we are confident, combined with our innovation behind price pack architecture and category management initiatives, will continue to drive growth. Broad pressure on consumers' cost of living from inflation has resulted in higher price elasticity than expected, although still below historical levels. Growth in the Consumer segment was also tempered by the moderation of elevated consumption trends that we anticipated in the second half of the year, which occurred earlier than expected. We divested our Kitchen Basics business during the quarter which impacted our Consumer segment growth. Our results were led by the continued growth momentum of our Flavor Solutions segment. Kurzius, Chairman and CEO, stated, "Our third quarter sales were a record and while strong fell short of our own expectations. For fiscal year 2022, McCormick updated its sales, operating income, and earnings per share outlook.Adjusted earnings per share is expected to be approximately $0.65 as compared to $0.80 in the year-ago period. Earnings per share is expected to be approximately $0.79 in the third quarter, comparable to the year-ago period.Adjusted operating income is expected to be approximately $226 million compared to $272 million in the third quarter of 2021. Operating income is expected to be approximately $223 million in the third quarter compared to $265 million in the year-ago period. Both comparisons include an estimated 1% unfavorable impact from the divestiture of the Company's Kitchen Basics business. In constant currency, sales are expected to increase by approximately 6% driven by growth in both the Consumer and Flavor Solutions segments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |