McCormick Q2: 8% Topline Growth, EPS Beat, Slower Recovery In China & More
Portfolio Pulse from Shivani Kumaresan
McCormick & Co Inc reported Q2 FY23 sales growth of 8% year-on-year to $1.66 billion, slightly missing the analyst consensus of $1.67 billion. Adjusted EPS of $0.60 beat the consensus of $0.57. The company reaffirmed FY23 revenue growth guidance of 5% - 7% and raised FY23 Adjusted EPS outlook to $2.60 - $2.65 from $2.56 - $2.61. MKC shares closed lower by 1.50% at $91.85 on Wednesday.
June 29, 2023 | 12:29 pm
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McCormick reported Q2 FY23 sales growth of 8% YoY, slightly missing analyst consensus. However, adjusted EPS beat the consensus. The company reaffirmed its FY23 revenue growth guidance and raised its adjusted EPS outlook.
Despite missing the sales consensus, McCormick's EPS beat expectations and the company raised its adjusted EPS outlook, which could be seen as a positive sign by investors. However, the stock closed lower, indicating a mixed market reaction. The overall impact on the stock is neutral in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100