McCormick(US:MKC) Prnewswireยท2024-10-01 10:30Core Insights - McCormick & Company reported third-quarter financial results for 2024, showing stable sales and reaffirming its fiscal outlook for sales and operating profit growth [1][2][11] Financial Performance - Sales in Q3 2024 were $1.68 billion, comparable to the same period last year, with a volume growth of 1% offset by pricing [2][39] - Operating income increased to $287 million from $245 million year-over-year, with adjusted operating income rising to $288 million from $251 million [2][8] - Earnings per share (EPS) rose to $0.83 from $0.63 in the prior year, with adjusted EPS also at $0.83 compared to $0.65 [2][10] Segment Performance - The Consumer segment reported net sales of $937.4 million, showing a slight increase from $937.1 million in Q3 2023, driven by a 1% volume growth [15][16] - The Flavor Solutions segment experienced a 1% decline in sales to $742.4 million, primarily due to the divestiture of a canning business [17][19] - Operating income for the Consumer segment increased by 8% year-over-year, while the Flavor Solutions segment saw a significant 31% increase in operating income [17][20] Outlook for Fiscal Year 2024 - McCormick expects sales growth in the range of -1% to 1% for 2024, with operating income projected to grow by 9% to 11% from $963 million in 2023 [12][13] - The company anticipates adjusted EPS for 2024 to be between $2.85 and $2.90, reflecting a 5% to 7% increase from $2.70 in 2023 [14][31] Strategic Initiatives - The company is focused on strengthening its business through brand marketing, new product development, and cost-saving initiatives, which are expected to drive operating margin expansion [4][5] - McCormick plans to host an Investor Day on October 22, 2024, to share its strategic roadmap and long-term objectives [2][5]