McCormick & Company, Incorporated (NYSE: MKC) on Wednesday reported a decline in second-quarter adjusted earnings, reflecting a modest drop in net sales.
Revenues of the Baltimore-based food company decreased 1% annually to $1.54 billion in the April quarter, though inflationary pressures weighed on demand to some extent.
Adjusted net income, excluding special items, decreased to $0.48 per share from $0.69 per share last year. Unadjusted net income was $118.5 million or $0.44 per share in the second quarter, compared to $183.7 million or $0.68 per share in the same period of last year.
Check this space to read management/analysts’ comments on McCormick’s Q2 results
“McCormick’s long-term performance, including through the pandemic and other volatility, has been industry-leading and met or exceeded our financial objectives. We are currently navigating a challenging global environment including persistently high cost inflation and supply chain challenges, significant disruption in China from COVID-related lockdowns and the conflict in Ukraine. All these items intensified as our second quarter progressed and impacted our results,” said Lawrence Kurzius, CEO of McCormick & Company.