McCormick Expects to Reach Long-Term Growth Targets by 2028, Reaffirms 2024 Guidance

MT Newswires Live10-23 21:15

McCormick (MKC) said Wednesday it expects to reach the low end of its long-term growth targets for net sales, operating income, and earnings per share by 2028, without the benefit of acquisitions.

The company reiterated its growth targets over the five-year period ending in 2028 of 4% to 6% for net sales, 7% to 9% for operating income, and 9% to 11% for EPS. It also said it expects to reach at least $8 billion in annual net sales by 2028.

McCormick reaffirmed its latest 2024 outlook, which guides for adjusted EPS of $2.85 to $2.90 on net sales ranging from a 1% decline to 1% growth.

The company said it expects to achieve the high-end of the adjusted EPS range and mid- to high-end of the net sales growth range.

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