Thu, Jun 27, 8:30 PM (72 days ago)
McCormick & Company, Inc. reported a slight decline in net sales for Q2 2024, down 1.0% to $1,643.2 million compared to Q2 2023. The decrease was attributed to a 0.7% drop in volume and product mix and a 0.3% impact from divestitures. Operating income rose by 5.5% to $234.1 million, driven by a 60 basis points improvement in gross profit margin, primarily due to cost savings from the GOE and CCI programs. However, SG&A expenses increased by 40 basis points due to higher advertising and promotion costs. Net income grew to $184.2 million from $152.1 million, with diluted EPS rising to $0.68 from $0.56. For the six months ended May 31, 2024, net sales increased by 0.7%, and operating income rose by 11.1% to $467.6 million. The company expects 2024 net sales to range from a decline of 2% to flat, with adjusted EPS projected between $2.80 and $2.85.