Core Insights - McCormick & Company Inc. is focusing on the Comprehensive Continuous Improvement (CCI) program to drive earnings per share (EPS) growth in fiscal 2025, emphasizing sourcing improvements, supply chain productivity, and operational efficiency [1][5] Financial Performance - The company reported a 2% increase in adjusted operating income in the third quarter, primarily due to reduced selling, general, and administrative (SG&A) costs from CCI initiatives, although this was partially offset by increased brand marketing and technology spending [3][9] - Gross margin decreased by 120 basis points year-over-year, attributed to high commodity costs and tariff issues, but management anticipates recovery in the fourth quarter through additional mitigation measures [4][9] Future Projections - For fiscal 2025, McCormick projects adjusted EPS growth of 4% to 6% on a constant-currency basis, driven by volume gains and ongoing cost-saving initiatives [5][9] - The consensus estimate for fiscal 2025 earnings indicates a year-over-year increase of 2.4%, while the estimate for fiscal 2026 suggests a rise of 6.9% [15] Market Position - McCormick's shares have declined by 14.7% year-to-date, slightly worse than the industry decline of 14.4% [6] - The company trades at a forward price-to-earnings ratio of 20.23X, which is higher than the industry average of 14.56X [7]