McCormick & Company (NYSE:MKC) is expected to build on Tuesday’s gains as the company reaffirmed its expectations for 2024 and set upbeat growth expectations for the next five years.
“We have robust plans that leverage the demand for flavor and the strength of our brands. We are increasing our investments in the core categories that drive the greatest value for McCormick..and I am confident we have the right leadership team in place and engaged employees globally to deliver on our long-term objectives,” McCormick CEO Brendan Foley said.
The company expects 2024 sales growth to be down 1% to up 1% with minimal impact from currency fluctuations, with a profit per share of $2.85 to $2.90, up from a previous forecast of $2.76 to $2.81, versus the consensus estimate of $2.92 (also revised from $2.87 initially). McCormick (MCK) now expects to achieve the mid to high-end of its projected net sales growth range and the high-end of its adjusted EPS.
Over the next five years until 2028, the company expects net sales to grow 4% to 6%, operating income to increase by 7% to 9% and earnings to improve by 9% to 11%, with $8B in annual net sales by 2028.
