PART I – FINANCIAL INFORMATION [FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for the three and six months ended May 31, 2025 and 2024 Condensed Consolidated Income Statement Highlights (in millions, except per share data) | Metric | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $1,659.5 | $1,643.2 | $3,265.0 | $3,245.9 | | Gross profit | $622.8 | $619.6 | $1,226.8 | $1,218.9 | | Operating income | $245.8 | $234.1 | $471.0 | $467.6 | | Net income | $175.0 | $184.2 | $337.3 | $350.2 | | Earnings per share – diluted | $0.65 | $0.68 | $1.25 | $1.30 | Condensed Consolidated Balance Sheet Highlights (in millions) | Metric | May 31, 2025 (unaudited) | November 30, 2024 | | :--- | :--- | :--- | | Total current assets | $2,166.3 | $2,139.0 | | Total assets | $13,190.4 | $13,070.3 | | Total current liabilities | $3,185.7 | $2,882.8 | | Total liabilities | $7,560.0 | $7,753.5 | | Total shareholders' equity | $5,630.4 | $5,316.8 | Condensed Consolidated Cash Flow Statement Highlights (in millions) | Metric | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $161.4 | $301.5 | | Net cash flow used in investing activities | $(105.2) | $(130.1) | | Net cash flow used in financing activities | $(142.9) | $(172.2) | | Decrease in cash and cash equivalents | $(62.0) | $(0.3) | - The company operates in two business segments: Consumer and Flavor Solutions, with the Consumer segment selling to retail channels and Flavor Solutions to food manufacturers and foodservice[80](index=80&type=chunk) Segment Performance Highlights (in millions) | Segment & Period | Net Sales | Operating Income (excl. special charges) | | :--- | :--- | :--- | | **Consumer (Q2 2025)** | $930.6 | $163.6 | | **Consumer (Q2 2024)** | $904.5 | $149.3 | | **Flavor Solutions (Q2 2025)** | $728.9 | $95.0 | | **Flavor Solutions (Q2 2024)** | $738.7 | $86.6 | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes the company's financial condition and results for Q2 and H1 fiscal 2025, including performance, outlook, and liquidity [Executive Summary and 2025 Outlook](index=25&type=section&id=Executive%20Summary%20and%202025%20Outlook) Q2 2025 saw modest sales and operating income growth, with full-year 2025 projections indicating slight sales and EPS increases - In Q2 2025, net sales increased **1.0%** YoY, driven by a **1.3%** favorable impact from volume and product mix and **0.3%** from pricing, offset by a **0.6%** negative impact from currency fluctuations[89](index=89&type=chunk)[95](index=95&type=chunk) - Q2 2025 operating income rose **5.0%** to **$245.8 million**, and adjusted operating income increased **9.7%** to **$258.6 million**, driven by lower SG&A expenses[89](index=89&type=chunk) Fiscal Year 2025 Outlook | Metric | Projected Growth vs. 2024 | | :--- | :--- | | Net Sales | 0% to 2% (1% to 3% organic) | | Gross Profit Margin | Flat to +50 bps | | Operating Income | 2% to 4% (3% to 5% adjusted) | | Adjusted Diluted EPS | $3.03 to $3.08 (3% to 5% growth) | [Results of Operations – Company](index=26&type=section&id=Results%20of%20Operations%20%E2%80%93%20Company) Q2 2025 net sales grew modestly, gross profit margin declined, SG&A decreased, and a higher effective tax rate impacted net income Components of Net Sales Change - Q2 2025 vs Q2 2024 | Component | Impact on Net Sales | | :--- | :--- | | Pricing actions | +0.3% | | Volume and product mix | +1.3% | | Foreign exchange | -0.6% | | **Total Increase** | **+1.0%** | - Gross profit margin for Q2 2025 was **37.5%**, a **20 basis point decrease** from Q2 2024, driven by higher commodity costs and costs to support increased capacity, partially offset by CCI-led savings[102](index=102&type=chunk) - SG&A expense in Q2 2025 decreased by **$19.5 million** compared to Q2 2024, driven by lower stock-based compensation, lower incentive expense, and cost savings, resulting in a **140 basis points** decrease as a percentage of net sales[104](index=104&type=chunk) - The effective tax rate for Q2 2025 was **24.1%**, a significant increase from **13.5%** in Q2 2024, as the prior year included a large **$19.4 million** discrete tax benefit from an international legal entity reorganization[111](index=111&type=chunk)[114](index=114&type=chunk) [Results of Operations – Segments](index=28&type=section&id=Results%20of%20Operations%20%E2%80%93%20Segments) In Q2 2025, the Consumer segment grew sales and operating income, while Flavor Solutions saw sales decline but improved operating income Consumer Segment Performance - Q2 2025 | Metric | Value/Change | | :--- | :--- | | Net Sales Growth | +2.9% | | Organic Sales Growth | +3.0% | | Volume/Mix Impact | +3.3% | | Segment Operating Income Growth | +9.6% | Flavor Solutions Segment Performance - Q2 2025 | Metric | Value/Change | | :--- | :--- | | Net Sales Growth | -1.3% | | Organic Sales Growth | 0.0% | | Volume/Mix Impact | -1.0% | | Segment Operating Income Growth | +9.8% | [Liquidity and Financial Condition](index=35&type=section&id=Liquidity%20and%20Financial%20Condition) Net cash from operating activities decreased in H1 2025 due to working capital, but the company maintains liquidity with a new $2.0 billion credit facility - Net cash provided by operating activities decreased by **$140.1 million** in H1 2025 compared to H1 2024, mainly due to accounts payable decreases driven by the timing of inventory purchases[156](index=156&type=chunk) - In May 2025, the company entered into a new five-year **$2.0 billion** revolving credit facility expiring in May 2030, replacing its previous **$1.5 billion** and **$500 million** facilities[165](index=165&type=chunk) - Dividends paid increased to **$241.5 million** (**$0.45 per share**) in H1 2025 from **$225.5 million** (**$0.42 per share**) in H1 2024[160](index=160&type=chunk) - As of May 31, 2025, approximately **$422 million** remained under the **$600 million** share repurchase program authorized in November 2019[158](index=158&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=38&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks from foreign exchange, interest rates, and commodities using derivatives for hedging, with no significant changes reported - The company uses derivative financial instruments, including forward contracts and swaps, to manage foreign exchange and interest rate risks[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) Derivative Notional Values (in millions) | Derivative Type | May 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | Forward foreign currency | $1,070.7 | $1,034.2 | | Cross currency swaps | $1,009.6 | $945.5 | | Interest rate swaps | $600.0 | $600.0 | - Commodity risk for materials like pepper, onion, and garlic is managed through strategic purchasing and customer price adjustments, not derivatives[138](index=138&type=chunk) - There have been no significant changes in the company's financial instrument portfolio or market risk exposures since the November 30, 2024 fiscal year-end[176](index=176&type=chunk) [CONTROLS AND PROCEDURES](index=39&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were effective as of May 31, 2025, with no material changes to internal control over financial reporting - Based on an evaluation by management, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of May 31, 2025[177](index=177&type=chunk) - No change occurred in the company's internal control over financial reporting during the last fiscal quarter that materially affected, or is reasonably likely to materially affect, these controls[178](index=178&type=chunk) PART II - OTHER INFORMATION [LEGAL PROCEEDINGS](index=39&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports no material pending legal proceedings involving itself or its subsidiaries - There are no material pending legal proceedings reported[180](index=180&type=chunk) [RISK FACTORS](index=39&type=section&id=ITEM%201a.%20RISK%20FACTORS) No material changes to risk factors from the last 10-K, except for an updated risk concerning U.S. trade policies and potential inflationary pressures - There have been no material changes in risk factors from the Annual Report on Form 10-K for the fiscal year ended November 30, 2024, with one exception[181](index=181&type=chunk) - A specific risk related to U.S. presidential administration trade policies and tariffs is highlighted, which could lead to inflationary pressures, higher costs, and adversely affect business if not successfully mitigated[182](index=182&type=chunk)[183](index=183&type=chunk) [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=40&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's Q2 2025 equity security repurchases and the remaining authorization under its share repurchase program Issuer Purchases of Equity Securities - Q2 2025 | Period | Shares Purchased (CS) | Avg. Price (CS) | Shares Purchased (CSNV) | Avg. Price (CSNV) | | :--- | :--- | :--- | :--- | :--- | | Mar 2025 | 19,908 | $84.50 | 0 | N/A | | Apr 2025 | 47,000 | $75.50 | 12,341 | $81.89 | | May 2025 | 41,250 | $75.13 | 0 | N/A | | **Total** | **108,158** | **$77.01** | **12,341** | **$81.89** | - As of May 31, 2025, approximately **$422 million** remained available under the **$600 million** share repurchase authorization from November 2019[186](index=186&type=chunk) [DEFAULTS UPON SENIOR SECURITIES](index=40&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reports no defaults upon senior securities - None reported[188](index=188&type=chunk) [MINE SAFETY DISCLOSURES](index=40&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[189](index=189&type=chunk) [OTHER INFORMATION](index=40&type=section&id=ITEM%205.%20OTHER%20INFORMATION) The company states that none of its directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarterly period[190](index=190&type=chunk) [EXHIBITS](index=41&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and required certifications - Lists various corporate governance documents, indentures for debt securities, and material contracts filed as exhibits[191](index=191&type=chunk)[192](index=192&type=chunk) - Includes certifications from the CEO and CFO pursuant to Sarbanes-Oxley Act Sections 302 and 906[193](index=193&type=chunk) - Financial information is provided in Inline XBRL format[194](index=194&type=chunk)

Core Insights - McCormick & Company reported second-quarter fiscal 2025 results with year-over-year sales growth but missed the Zacks Consensus Estimate [1] - Adjusted earnings per share (EPS) of 69 cents were flat year-over-year and exceeded the consensus estimate of 65 cents [2] Financial Performance - Net sales reached $1,659.5 million, slightly below the Zacks Consensus Estimate of $1,663 million, but up 1% from the previous year, with a 1% unfavorable currency impact [2] - Gross profit increased by $3 million to $622.8 million, with a gross profit margin of 37.5%, down 20 basis points due to rising costs and commodity prices [3] - Adjusted operating income rose 10% to $259 million, with a 1% unfavorable impact from currency fluctuations; in constant currency, it increased by 11% [4] Segment Performance - Consumer segment sales were $931 million, up 3% year-over-year, with organic sales also increasing by 3% [5] - Flavor Solutions segment sales decreased by 1% to $729 million, with organic sales flat year-over-year [6] Financial Health - As of the end of the quarter, McCormick had cash and cash equivalents of $124.1 million, long-term debt of $3,099.3 million, and total shareholders' equity of $5,630.4 million [7] - The company expects strong cash flow for fiscal 2025, driven by profitability and working capital initiatives, with plans to return a significant portion to shareholders through dividends [8] Future Outlook - For fiscal 2025, McCormick anticipates net sales growth of flat to 2%, with adjusted operating income growth of 3-5% [12][13] - Management projects adjusted EPS in the range of $3.03-$3.08, indicating a 3-5% increase from the previous year [13] - The company remains focused on strategic investments to strengthen volume trends and drive long-term growth amid macroeconomic uncertainties [11]

Core Insights - McCormick reported revenue of $1.66 billion for the quarter ended May 2025, reflecting a 1% increase year-over-year, with EPS remaining stable at $0.69 compared to the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate by -0.22%, while the EPS exceeded the consensus estimate by +6.15% [1] Financial Performance - Net Sales in Flavor Solutions were reported at $729 million, which is -1.3% lower than the estimated $746.82 million [4] - Net Sales in the Consumer segment reached $931 million, surpassing the estimated $918.28 million, marking a year-over-year increase of +2.9% [4] - Operating income for Flavor Solutions, excluding special charges, was $95 million, exceeding the average estimate of $92.07 million [4] - Operating income for the Consumer segment was reported at $164 million, also above the average estimate of $152.43 million [4] Stock Performance - McCormick's shares have returned +3.2% over the past month, underperforming the Zacks S&P 500 composite's +5.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total organic sales increased by 2% in the second quarter, primarily driven by volume growth [6][29] - Adjusted operating income increased by 10%, with a 11% increase when excluding currency impacts [34][36] - Adjusted earnings per share for the second quarter was $0.69, comparable to the previous year [36] Business Line Data and Key Metrics Changes - Consumer segment organic sales grew by 3%, driven by volume and mix, with a 4% volume growth in The Americas [30][29] - Flavor Solutions segment organic sales were flat, with a 1% price contribution offset by a 1% decline in volume and mix [31][32] - In the Americas, Flavor Solutions organic sales increased by 1%, reflecting a 2% price contribution [31] Market Data and Key Metrics Changes - In Asia Pacific, organic sales in the Consumer segment increased by 4%, driven by volume growth, particularly in China [30][31] - EMEA experienced a 7% decrease in Flavor Solutions organic sales, impacted by geopolitical issues and softness in customer volumes [32][21] - The Americas saw strong volume growth and share gains across core categories, while EMEA reflected select pricing actions to cover rising commodity costs [7][30] Company Strategy and Development Direction - The company focuses on profitable volume-led growth through brand investment, distribution expansion, innovation, and operational efficiencies [4][5] - Plans to drive growth include category management, brand marketing, new products, and leveraging data analytics for digital transformation [22][28] - The company aims to mitigate tariff impacts through sourcing strategies and operational efficiencies while maintaining volume momentum [12][40] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are adapting to economic pressures by changing shopping habits but continue to spend on flavor [8][9] - The company expects continued volume growth and strong consumption trends in the second half of the year [23][44] - Management remains confident in achieving long-term objectives despite current macroeconomic uncertainties [47][49] Other Important Information - The company has a global manufacturing footprint, with over 85% of products sold in major markets produced locally [39] - Tariff exposure is approximately $90 million annually, with plans to offset this through sourcing and pricing strategies [40][41] - The adjusted effective tax rate for the second quarter was 24%, compared to 14% in the previous year [35] Q&A Session Summary Question: What surprised you about the second quarter results? - Management noted that the consumer business performed well, driven by volume across core categories, and flavor solutions managed to perform better than expected despite tough conditions [52][54] Question: Can you elaborate on tariff mitigation actions? - The majority of mitigation actions are driven by sourcing and operational efficiencies, with targeted pricing as a residual approach [60][62] Question: Can you provide more detail on gross tariff exposure? - The $90 million exposure is primarily related to raw materials that cannot be sourced domestically, with a blended tariff rate impacting about 2% of COGS globally [71][73] Question: What are the pressures on certain commodities? - The global trade environment has created a standstill, impacting supply-demand dynamics and gross margins, leading to a revised gross margin outlook [92][93]

Financial Data and Key Metrics Changes - Total organic sales increased by 2% in Q2 2025, primarily driven by volume growth, with volume growth of more than 3% in the Consumer segment [6][28] - Adjusted operating income increased by 10%, with a 11% increase when excluding currency impacts [32] - Adjusted earnings per share for Q2 2025 was $0.69, comparable to the previous year [35] Business Line Data and Key Metrics Changes - Consumer segment organic sales increased by 3%, driven by volume and mix, with volume growth of 4% in The Americas [28][29] - Flavor Solutions segment organic sales were flat, with a 1% contribution from price offset by a 1% decline in volume and mix [30] - In The Americas, Flavor Solutions organic sales increased by 1%, reflecting a 2% price contribution, partially offset by a 1% decline in volume [30] Market Data and Key Metrics Changes - In EMEA, consumer organic sales grew by 3%, driven by a 2% increase in volume and a 1% increase in price due to commodity costs [29] - Asia Pacific region saw a 4% increase in consumer organic sales, driven by volume growth, reflecting a gradual recovery in China [29] - Flavor Solutions organic sales in EMEA decreased by 7%, impacted by lower volumes and prices due to geopolitical issues [31] Company Strategy and Development Direction - The company is focused on profitable volume-led growth by investing in brands, expanding distribution, driving innovation, and increasing operational efficiencies [4][5] - Plans to offset tariff costs through sourcing strategies and advanced analytics, while maintaining volume momentum [12][39] - Continued emphasis on health and wellness trends, with a focus on flavoring rather than competing for calories [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are adapting to economic pressures by shopping differently, but continue to spend on flavor [8] - The company expects to maintain its volume-led momentum and expand operating margins in 2025 despite ongoing challenges [46] - The outlook for 2025 includes maintaining net sales and adjusted operating profit guidance, with organic net sales growth expected to range between 1% to 3% [40][41] Other Important Information - The company is experiencing elevated cost pressures due to global trade uncertainties, impacting gross margins [31][40] - Cash flow from operations was $161 million, a decrease from $302 million in the previous year, driven by higher cash used due to working capital timing [36] - The company is committed to maintaining a strong balance sheet while funding growth investments and returning cash to shareholders [36] Q&A Session Summary Question: What surprised you about the second quarter results? - Management noted that the consumer business performed well, driven by volume across core categories, and they outperformed expectations in flavor solutions despite tough conditions [50][53] Question: Can you elaborate on tariff mitigation actions? - The majority of mitigation actions are driven by sourcing and CCI, with targeted pricing as a residual approach [59][60] Question: Can you provide more detail on gross tariff exposure? - The gross tariff exposure is approximately $90 million, primarily related to raw materials that cannot be sourced domestically [69][72] Question: How does the company balance sourcing lower-cost options with maintaining quality? - The company emphasizes that there is no trade-off between quality and cost, maintaining high standards while finding cost-effective sourcing options [89][91] Question: What is the impact of the global trade environment on commodity costs? - The global trade environment has led to elevated pressure on certain commodities, impacting gross margins, and the company is mitigating this through SG&A initiatives [90][94]

分组1 - McCormick reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, with an earnings surprise of +6.15% [1] - The company posted revenues of $1.66 billion for the quarter ended May 2025, slightly missing the Zacks Consensus Estimate by 0.22%, compared to $1.64 billion in the same quarter last year [2] - Over the last four quarters, McCormick has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 3.4% since the beginning of the year, while the S&P 500 gained 3.6% [3] - The current consensus EPS estimate for the upcoming quarter is $0.84 on revenues of $1.71 billion, and for the current fiscal year, it is $3.02 on revenues of $6.81 billion [7] - The Zacks Industry Rank for Food - Miscellaneous is in the bottom 24% of over 250 Zacks industries, indicating potential challenges for McCormick's stock performance [8]

FOR IMMEDIATE RELEASE McCORMICK REPORTS STRONG SECOND QUARTER PERFORMANCE AND REAFFIRMS 2025 OUTLOOK HUNT VALLEY, Md., June 26, 2025 - McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the second quarter ended May 31, 2025 and reaffirmed fiscal 2025 outlook. Chairman, President, and CEO's Remarks Brendan M. Foley, Chairman, President, and CEO, stated, "We are pleased with our strong results for the first half of the year, as we are managing in a dy ...

Financial Performance - Total McCormick's organic sales grew by 1.6%, driven by a 1.3% increase in volume and a 0.3% increase in price[24] - Consumer segment organic sales increased by 3.0%, with volume up by 3.3% and price down by 0.3%[28] - Flavor Solutions segment organic sales remained flat at 0.0%, with volume declining by 1.0% and price increasing by 1.0%[32] - Net sales reached $1,659.5 million, a 1.0% increase as reported, or 1.6% in constant currency[37] - Adjusted operating income was $258.6 million, a 9.7% increase as reported, or 11.0% in constant currency[37] - Adjusted earnings per share (EPS) remained flat at $0.69[44] Segment Performance - Consumer segment net sales were $930.6 million, a 2.9% increase as reported, or 3.0% in constant currency, with adjusted operating income of $163.6 million, up 9.6% as reported, or 9.8% in constant currency[40] - Flavor Solutions segment net sales were $728.9 million, a 1.3% decrease as reported, but flat at 0.0% in constant currency, with adjusted operating income of $95.0 million, up 9.8% as reported, or 12.9% in constant currency[40] Outlook - The company maintains its net sales growth outlook at 0% to 2%, or 1% to 3% in constant currency[56] - The company maintains its adjusted operating income increase outlook at 3% to 5%, or 4% to 6% in constant currency[56] - The company maintains its adjusted EPS outlook at $3.03 to $3.08, or a 3% to 5% increase, or 5% to 7% in constant currency[56]

Core Insights - McCormick & Company reported a 1% increase in net sales for Q2 2025, driven by volume growth, despite a 1% unfavorable impact from currency fluctuations [5][7][12] - The company reaffirmed its fiscal 2025 outlook, maintaining expectations for net sales, adjusted operating profit, and adjusted earnings per share [5][11][14] Financial Performance - Total net sales for Q2 2025 were $1.66 billion, compared to $1.64 billion in Q2 2024, with organic sales growth of 2% attributed to volume and product mix [5][7][36] - Operating income increased to $246 million in Q2 2025 from $234 million in the same period last year, with adjusted operating income rising to $259 million [5][9][36] - Earnings per share (EPS) for Q2 2025 was $0.65, down from $0.68 in Q2 2024, while adjusted EPS remained stable at $0.69 [10][36] Segment Performance - The Consumer segment net sales rose by 3% to $931 million, with organic sales also increasing by 3% [12][13] - The Flavor Solutions segment saw a 1% decline in net sales to $729 million, with organic sales remaining flat year-over-year [12][13] Cost Management and Outlook - The company is implementing plans to mitigate tariff-related costs and is focused on growth investments to expand operating margins [3][14] - McCormick's fiscal 2025 outlook anticipates net sales growth of 0% to 2%, with adjusted operating income growth of 3% to 5% [15][27] Strategic Initiatives - The Comprehensive Continuous Improvement (CCI) program is driving cost savings and operational efficiencies, contributing to improved margins [9][11] - The company is prioritizing investments in key categories to sustain strong volume trends and long-term profitable growth [11][14]

Group 1 - McCormick & Company is set to release its second-quarter earnings results on June 26, with analysts expecting earnings of 65 cents per share, a decrease from 69 cents per share in the same period last year [1] - The company projects quarterly revenue of $1.66 billion, slightly up from $1.64 billion a year earlier [1] - On June 24, McCormick declared a quarterly dividend of 45 cents per share [2] Group 2 - McCormick shares experienced a decline of 1.4%, closing at $73.64 [2] - JP Morgan analyst Ken Goldman maintained an Underweight rating but raised the price target from $66 to $69 [4] - TD Cowen analyst Robert Moskow upgraded the stock from Hold to Buy, increasing the price target from $86 to $90 [4] - Jefferies analyst Rob Dickerson also upgraded the stock from Hold to Buy, raising the price target from $85 to $91 [4] - Stifel analyst Matthew Smith maintained a Hold rating while boosting the price target from $75 to $85 [4] - Argus Research analyst John Staszak upgraded the stock from Hold to Buy with a price target of $88 [4]