McCormick(US:MKC)2024-03-26 11:59Financial Performance - Total company net sales increased by 2.4%, with a 1.5% increase in constant currency[12] - Consumer segment net sales increased by 1.3%, with a 0.7% increase in constant currency[13] - Flavor Solutions segment net sales increased by 3.8%, with a 2.5% increase in constant currency[13] - Gross margin increased to 37.4% compared to 36.0% in the prior year, a 140 bps increase[80] - Earnings per share increased by 19% to $0.62, while adjusted earnings per share increased by 7% to $0.63[31] - Cash flow from operations increased to $138 million, up from $103 million in the previous year[39] Segment Analysis - Americas Consumer segment net sales increased by 0.1% in constant currency[17] - EMEA Consumer segment net sales increased by 13.3%, or 8.2% in constant currency[84] - APAC Consumer segment net sales decreased by 7.4%[88] - Americas Flavor Solutions segment net sales increased by 4.7%, or 3.4% in constant currency[96] - EMEA Flavor Solutions segment net sales increased by 1.8%, or decreased by 1.4% in constant currency[99] - APAC Flavor Solutions segment net sales increased by 1.5%, or 4.5% in constant currency[76] Outlook - The company projects sales growth of -2% to 0%, or -1% to 1% in constant currency[43] - Adjusted operating income is expected to increase by 3% to 5%, or 4% to 6% in constant currency[43] - Adjusted earnings per share are projected to be $2.80 to $2.85, representing a growth of 4% to 6%, or 5% to 7% in constant currency[43]