McCormick Reinstates FY20 Outlook; Announces 2-for-1 Stock Split - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Tuesday, McCormick & Co., Inc. (MKC) reinstated its adjusted earnings and sales guidance for the full year 2020, reflecting strong business performance driven by expected sales growth.

For fiscal 2020, the company now projects earnings in a range of $5.60 to $5.68 per share and adjusted earnings in a range of $5.64 to $5.72 per share on sales growth at the upper end of a 4 to 5 percent range, which in constant currency is a 5 to 6 percent growth rate.

McCormick previously withdrew its fiscal 2020 guidance on March 31, 2020, due to the uncertainty of the duration and extent of the coronavirus (COVID-19) pandemic impact.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.76 per share on sales growth of 3.4 percent to $5.53 billion for the year. Analysts' estimates typically exclude special items.

McCormick's Board of Directors also approved a 2-for-1 stock split of the company's common and common non-voting shares to be distributed on November 30, 2020 to stockholders of record as of November 20, 2020. The company last completed a stock split in April 2002.