McCormick Boosts FY21 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the first quarter of fiscal 2021 on Tuesday, McCormick & Co., Inc. (MKC) raised its earnings, adjusted earnings and sales growth guidance for the full year 2021.

For fiscal 2021, the company now projects earnings in a range of $2.77 to $2.82 per share and adjusted earnings in a range of $2.97 to $3.02 per share on sales growth of 8 to 10 percent, which in constant currency is a 6 to 8 percent.

Previously, the company expected earnings in a range of $2.71 to $2.76 per share and adjusted earnings in a range of $2.91 to $2.96 per share on sales growth of 7 to 9 percent or 5 to 7 percent in constant currency.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.95 per share on sales growth of 8.10 percent to $6.06 billion for the year. Analysts' estimates typically exclude special items.

McCormick said it expects to drive organic sales growth in both its Consumer and Flavor Solutions segments in 2021 driven by brand marketing, new products, category management and differentiated customer engagement.