McCORMICK REPORTS STRONG SECOND QUARTER PERFORMANCE AND REAFFIRMS 2025 OUTLOOK
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Net Sales increased 1% in the second quarter, driven by volume growth, and included a 1% unfavorable impact from currency. Organic sales growth of 2% was driven by volume.
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Operating income was
$246 million in the second quarter compared to$234 million in the year-ago period. Adjusted operating income was$259 million compared to$236 million in the year-ago period.
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Earnings per share was
$0.65 in the second quarter as compared to$0.68 in the year-ago period. Adjusted earnings per share was$0.69 and comparable to the year-ago period.
- For fiscal year 2025, McCormick reaffirmed its net sales, adjusted operating profit, and adjusted earnings per share outlook, which reflects plans to mitigate current tariff impact.
Chairman, President, and CEO's Remarks
"As consumer preferences evolve, we continue to execute on our proven strategies that are in alignment with consumer trends, with speed and agility to capture demand for flavor and value across all occasions and channels. Additionally, for this fiscal year, we are well positioned with our robust plans to mitigate current tariff related costs, fuel growth investments, and expand operating margins. We remain confident in the sustained trajectory of our business and in our ability to achieve our 2025 outlook as well as our long-term objectives, and to drive shareholder value."
"Lastly, I want to extend my gratitude to McCormick employees around the globe; they continue to be the cornerstone of our success and achievements. I am constantly inspired and energized by their commitment and contributions. Importantly, we continue to prioritize elevating our power of people culture and building the next generation of leaders and capabilities to drive our continued success."
Second Quarter 2025 Results
Sales Metrics
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Second Quarter 2025 |
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As |
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Organic(1) |
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% Change |
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Volume/ |
Price |
% Change |
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Total |
1.0 % |
|
1.3 % |
0.3 % |
1.6 % |
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|
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Total Consumer |
2.9 % |
|
3.3 % |
(0.3) % |
3.0 % |
|
|
2.4 % |
|
3.5 % |
(0.7) % |
2.8 % |
|
EMEA |
4.9 % |
|
2.2 % |
1.1 % |
3.3 % |
|
APAC |
2.9 % |
|
3.6 % |
0.1 % |
3.7 % |
|
|
|
|
|
|
|
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Total Flavor Solutions |
(1.3) % |
|
(1.0) % |
1.0 % |
0.0 % |
|
|
(1.0) % |
|
(1.0) % |
2.4 % |
1.4 % |
|
EMEA |
(4.7) % |
|
(4.7) % |
(2.3) % |
(7.0) % |
|
APAC |
3.1 % |
|
5.7 % |
(2.3) % |
3.4 % |
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(1) Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency. For the second quarter of 2025, organic sales are equal to constant currency sales. |
Profitability Metrics
($ in millions except per share data)
|
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Second Quarter 2025 |
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As Reported |
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Adjusted |
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Q2 2025 |
vs. 2024 |
|
Q2 2025 |
vs. 2024 |
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|
|
|
Gross profit |
$ 622.8 |
0.5 % |
|
$ 622.8 |
0.5 % |
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|
|
Gross profit margin |
37.5 % |
(20) bps |
|
37.5 % |
(20) bps |
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|
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Operating income |
$ 245.8 |
5.0 % |
|
$ 258.6 |
9.7 % |
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|
|
|
Operating income margin |
14.8 % |
60 bps |
|
15.6 % |
120 bps |
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|
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Net income |
$ 175.0 |
(5.0) % |
|
$ 184.8 |
(0.4) % |
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Earnings per share - diluted |
$ 0.65 |
(4.4) % |
|
$ 0.69 |
0.0 % |
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|
Second Quarter 2025 Results
Net sales increased 1% in the second quarter compared to the year-ago period and included a 1% unfavorable impact from currency. Organic sales increased 2%, driven by volume and product mix.
- Consumer segment net sales increased 3% from the second quarter of 2024 to
$931 million , with minimal impact from currency. Organic sales increased 3%, driven by volume and product mix. - Flavor Solutions segment net sales decreased 1% from the second quarter of 2024 to
$729 million , including a 1% unfavorable impact from currency. Organic sales were flat year-over-year, driven by a 1% increase from price offset by a 1% decrease in volume and product mix.
Gross profit for the second quarter increased by
Operating income was
- Consumer segment operating income, excluding special charges, increased 10% in the second quarter of 2025 compared to the year-ago period to
$164 million , with minimal impact from currency. The increase was primarily driven by decreased SG&A expenses. - Flavor Solutions segment operating income, excluding special charges, grew 10% in the second quarter of 2025 compared to the year-ago period to
$95 million , or 13% in constant currency, driven by product mix, pricing, and decreased SG&A expenses.
Earnings per share was
Fiscal Year 2025 Financial Outlook
McCormick's fiscal 2025 outlook continues to reflect the Company's prioritized investments in key categories to sustain strong volume trends and drive long-term profitable growth while appreciating the current uncertainty of the consumer and macro environment. The Company's CCI program is continuing to fuel growth investments while also driving operating margin expansion.
The Company's fiscal 2025 outlook reflects plans to offset costs related to tariffs, which are currently in place and include a 10% tariff on all
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As Reported |
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Constant |
|
Expectations: |
|
Net sales growth |
0% to 2% |
|
1% to 3%(1) |
|
Drivers: • Total volume-led growth
• Gradual improvement in |
|
Operating income |
2% to 4% |
|
|
|
Gross margin expansion impacted by increased
SG&A benefits from CCI, inclusive of streamlining
Anticipate
|
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Adjusted |
3% to 5% |
|
4% to 6% |
|
|
|
Earnings per |
2% to 4% |
|
|
|
Operating income growth, partially offset by: • Tax rate of 22% to 23% vs. 20.5% in 2024
• High-single digit year-over-year decline in
Special charges expected to impact EPS by |
|
Adjusted EPS |
3% to 5% |
|
5% to 7% |
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(1) |
Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency, and is expected to be a 1% to 3% increase over the 2024 level. |
The Company expects foreign currency rates to unfavorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 2%.
For fiscal 2025, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.
Non-GAAP Financial Measures
The following tables include financial measures of organic net sales, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted diluted earnings per share. These represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with
Special charges - Special charges consist of expenses and income associated with certain actions undertaken by us to reduce fixed costs, simplify or improve processes, and improve our competitiveness. Included in special charges are transaction and integration costs.
We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.
These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP; however, they should not be viewed as a substitute for, or superior to, GAAP results. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, as they may calculate them differently than we do. We intend to continue providing these non-GAAP financial measures as part of our future earnings discussions, ensuring consistency in our financial reporting. A reconciliation of these non-GAAP financial measures to the related GAAP financial measures follows:
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(in millions except per share data) |
Three Months Ended |
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Six Months Ended |
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|
|
|
|
|
|
|
|
Operating income |
$ 245.8 |
|
$ 234.1 |
|
$ 471.0 |
|
$ 467.6 |
|
Impact of special charges |
12.8 |
|
1.8 |
|
12.8 |
|
6.0 |
|
Adjusted operating income |
$ 258.6 |
|
$ 235.9 |
|
$ 483.8 |
|
$ 473.6 |
|
% increase versus year-ago period |
9.7 % |
|
|
|
2.2 % |
|
|
|
Operating income margin (1) |
14.8 % |
|
14.2 % |
|
14.4 % |
|
14.4 % |
|
Impact of special charges |
0.8 % |
|
0.2 % |
|
0.4 % |
|
0.2 % |
|
Adjusted operating income margin (1) |
15.6 % |
|
14.4 % |
|
14.8 % |
|
14.6 % |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
$ 49.3 |
|
$ 26.2 |
|
$ 90.9 |
|
$ 75.8 |
|
Impact of special charges |
3.0 |
|
0.4 |
|
3.0 |
|
1.5 |
|
Adjusted income tax expense |
$ 52.3 |
|
$ 26.6 |
|
$ 93.9 |
|
$ 77.3 |
|
Income tax rate (2) |
24.1 % |
|
13.5 % |
|
23.2 % |
|
19.5 % |
|
Impact of special charges |
0.0 % |
|
0.1 % |
|
0.0 % |
|
0.1 % |
|
Adjusted income tax rate (2) |
24.1 % |
|
13.6 % |
|
23.2 % |
|
19.6 % |
|
|
|
|
|
|
|
|
|
|
Net income |
$ 175.0 |
|
$ 184.2 |
|
$ 337.3 |
|
$ 350.2 |
|
Impact of special charges |
9.8 |
|
1.4 |
|
9.8 |
|
4.5 |
|
Adjusted net income |
$ 184.8 |
|
$ 185.6 |
|
$ 347.1 |
|
$ 354.7 |
|
% decrease versus year-ago period |
(0.4) % |
|
|
|
(2.1) % |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted |
$ 0.65 |
|
$ 0.68 |
|
$ 1.25 |
|
$ 1.30 |
|
Impact of special charges |
0.04 |
|
0.01 |
|
0.04 |
|
0.02 |
|
Adjusted earnings per share - diluted |
$ 0.69 |
|
$ 0.69 |
|
$ 1.29 |
|
$ 1.32 |
|
% change versus year-ago period |
0.0 % |
|
|
|
(2.3) % |
|
|
|
|
|
|
|
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(1) |
Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented. |
|
(2) |
Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes excluding special charges of |
Because we are a multi-national company, we are subject to variability of our reported
We provide organic net sales growth rates for our consolidated net sales and segment net sales. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, and divestitures, as applicable, have on year-to-year comparability. A reconciliation of these measures from reported net sales growth rates, the relevant GAAP measures, are included in the tables set forth below.
Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the
|
|
Three Months Ended |
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|
|
Percentage Change |
Impact of Foreign |
Percentage Change on |
|
Total |
1.0 % |
(0.6) % |
1.6 % |
|
|
|
|
|
|
Total Consumer |
2.9 % |
(0.1) % |
3.0 % |
|
|
2.4 % |
(0.4) % |
2.8 % |
|
EMEA |
4.9 % |
1.6 % |
3.3 % |
|
APAC |
2.9 % |
(0.8) % |
3.7 % |
|
|
|
|
|
|
Total Flavor Solutions |
(1.3) % |
(1.3) % |
0.0 % |
|
|
(1.0) % |
(2.4) % |
1.4 % |
|
EMEA |
(4.7) % |
2.3 % |
(7.0) % |
|
APAC |
3.1 % |
(0.3) % |
3.4 % |
|
|
Six Months Ended |
||
|
|
Percentage Change |
Impact of Foreign |
Percentage Change on |
|
Total |
0.6 % |
(1.2) % |
1.8 % |
|
|
|
|
|
|
Total Consumer |
1.3 % |
(0.7) % |
2.0 % |
|
|
1.0 % |
(0.5) % |
1.5 % |
|
EMEA |
2.3 % |
(1.2) % |
3.5 % |
|
APAC |
1.6 % |
(1.6) % |
3.2 % |
|
|
|
|
|
|
Total Flavor Solutions |
(0.3) % |
(1.9) % |
1.6 % |
|
|
(0.2) % |
(2.6) % |
2.4 % |
|
EMEA |
(5.0) % |
0.6 % |
(5.6) % |
|
APAC |
7.7 % |
(1.4) % |
9.1 % |
|
|
|
|
Three Months Ended |
||||
|
|
|
|
Percentage Change |
|
Impact of Foreign |
|
Percentage Change on |
|
Adjusted operating income |
|
|
|
|
|
|
|
|
Consumer segment |
|
|
9.6 % |
|
(0.2) % |
|
9.8 % |
|
Flavor Solutions segment |
|
|
9.8 % |
|
(3.1) % |
|
12.9 % |
|
Total adjusted operating income |
|
|
9.7 % |
|
(1.3) % |
|
11.0 % |
|
|
|
|
Six Months Ended |
||||
|
|
|
|
Percentage Change |
|
Impact of Foreign |
|
Percentage Change on |
|
Adjusted operating income |
|
|
|
|
|
|
|
|
Consumer segment |
|
|
(4.7) % |
|
(0.6) % |
|
(4.1) % |
|
Flavor Solutions segment |
|
|
17.2 % |
|
(4.0) % |
|
21.2 % |
|
Total adjusted operating income |
|
|
2.2 % |
|
(1.7) % |
|
3.9 % |
To present the percentage change in projected 2025 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected local currency net sales, adjusted operating income, and adjusted net income for entities reporting in currencies other than the
|
|
Projection for the Year Ending |
|
Percentage change in net sales |
0% to 2% |
|
Impact of unfavorable foreign currency exchange |
1 % |
|
Percentage change in net sales in constant currency |
1% to 3% |
|
|
|
|
Percentage change in adjusted operating income |
3% to 5% |
|
Impact of unfavorable foreign currency exchange |
1 % |
|
Percentage change in adjusted operating income in |
4% to 6% |
|
|
|
|
Percentage change in adjusted earnings per share |
3% to 5% |
|
Impact of unfavorable foreign currency exchange |
2 % |
|
Percentage change in adjusted earnings per share in |
5% to 7% |
The following provides a reconciliation of our estimated earnings per share to adjusted earnings per share for 2025 and actual results for 2024:
|
|
Year Ended |
||
|
|
2025 Projection |
|
|
|
Earnings per share - diluted |
|
|
$ 2.92 |
|
Impact of special charges |
0.05 |
|
0.03 |
|
Adjusted earnings per share - diluted |
|
|
$ 2.95 |
Live Webcast
As previously announced, McCormick will hold a conference call with analysts today at
Forward-Looking Information
Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, acquisitions, brand marketing support, volume and product mix, income tax expense, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe," "plan," and similar expressions. These statements may relate to: general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including new tariffs; the expected impact of productivity improvements, including those associated with our Comprehensive Continuous Improvement (CCI) program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing conflicts, including those between
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies, including new tariffs; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of the ongoing conflicts between
Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
About McCormick
Founded in 1889 and headquartered in
To learn more, visit: www.mccormickcorporation.com or follow
For information contact:
Investor Relations:
(Financial tables follow)
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Second Quarter Report |
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Consolidated Income Statement (Unaudited) |
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(In millions except per-share data) |
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Three months ended |
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Six months ended |
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|
Net sales |
|
$ 1,659.5 |
|
$ 1,643.2 |
|
$ 3,265.0 |
|
$ 3,245.9 |
|
Cost of goods sold |
|
1,036.7 |
|
1,023.6 |
|
2,038.2 |
|
2,027.0 |
|
Gross profit |
|
622.8 |
|
619.6 |
|
1,226.8 |
|
1,218.9 |
|
Gross profit margin |
|
37.5 % |
|
37.7 % |
|
37.6 % |
|
37.6 % |
|
Selling, general and administrative expense |
|
364.2 |
|
383.7 |
|
743.0 |
|
745.3 |
|
Special charges |
|
12.8 |
|
1.8 |
|
12.8 |
|
6.0 |
|
Operating income |
|
245.8 |
|
234.1 |
|
471.0 |
|
467.6 |
|
Interest expense |
|
51.0 |
|
52.9 |
|
99.5 |
|
103.2 |
|
Other income,net |
|
9.8 |
|
12.4 |
|
19.6 |
|
23.5 |
|
Income from consolidated operations before income taxes |
|
204.6 |
|
193.6 |
|
391.1 |
|
387.9 |
|
Income tax expense |
|
49.3 |
|
26.2 |
|
90.9 |
|
75.8 |
|
Net income from consolidated operations |
|
155.3 |
|
167.4 |
|
300.2 |
|
312.1 |
|
Income from unconsolidated operations |
|
19.7 |
|
16.8 |
|
37.1 |
|
38.1 |
|
Net income |
|
$ 175.0 |
|
$ 184.2 |
|
$ 337.3 |
|
$ 350.2 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – basic |
|
$ 0.65 |
|
$ 0.69 |
|
$ 1.26 |
|
$ 1.30 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted |
|
$ 0.65 |
|
$ 0.68 |
|
$ 1.25 |
|
$ 1.30 |
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding – basic |
|
268.6 |
|
268.6 |
|
268.5 |
|
$ 268.5 |
|
Average shares outstanding – diluted |
|
269.4 |
|
269.7 |
|
269.5 |
|
269.7 |
|
Second Quarter Report |
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|||
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Consolidated Balance Sheet (Unaudited) |
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(In millions) |
|
|
|
|
|
|
|
|
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|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ 124.1 |
|
$ 186.1 |
|
Trade accounts receivable, net |
|
584.5 |
|
587.4 |
|
Inventories |
|
1,307.5 |
|
1,239.9 |
|
Prepaid expenses and other current assets |
|
150.2 |
|
125.6 |
|
Total current assets |
|
2,166.3 |
|
2,139.0 |
|
Property, plant and equipment, net |
|
1,417.2 |
|
1,413.0 |
|
|
|
5,291.5 |
|
5,227.5 |
|
Intangible assets, net |
|
3,308.8 |
|
3,318.9 |
|
Other long-term assets |
|
1,006.6 |
|
971.9 |
|
Total assets |
|
$ 13,190.4 |
|
$ 13,070.3 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Short-term borrowings and current portion of long-term debt |
|
$ 1,355.6 |
|
$ 748.3 |
|
Trade accounts payable |
|
1,177.9 |
|
1,238.1 |
|
Other accrued liabilities |
|
652.2 |
|
896.4 |
|
Total current liabilities |
|
3,185.7 |
|
2,882.8 |
|
Long-term debt |
|
3,099.3 |
|
3,593.6 |
|
Deferred taxes |
|
823.0 |
|
840.5 |
|
Other long-term liabilities |
|
452.0 |
|
436.6 |
|
Total liabilities |
|
7,560.0 |
|
7,753.5 |
|
Shareholders' equity |
|
|
|
|
|
Common stock |
|
2,263.6 |
|
2,237.2 |
|
Retained earnings |
|
3,739.0 |
|
3,545.0 |
|
Accumulated other comprehensive loss |
|
(401.2) |
|
(491.2) |
|
Total McCormick shareholders' equity |
|
5,601.4 |
|
5,291.0 |
|
Non-controlling interests |
|
29.0 |
|
25.8 |
|
Total shareholders' equity |
|
5,630.4 |
|
5,316.8 |
|
Total liabilities and shareholders' equity |
|
$ 13,190.4 |
|
$ 13,070.3 |
|
|
|
McCormick & Company, Incorporated |
||
|
|
|
|
|
|
|
Consolidated Cash Flow Statement (Unaudited) |
|
|
|
|
|
(In millions) |
|
|
|
|
|
|
|
Six Months Ended |
||
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
Net income |
|
$ 337.3 |
|
$ 350.2 |
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
Depreciation and amortization |
|
110.9 |
|
102.9 |
|
Stock-based compensation |
|
29.6 |
|
31.1 |
|
Deferred income tax expense (benefit) |
|
(12.1) |
|
(27.8) |
|
Income from unconsolidated operations |
|
(37.1) |
|
(38.1) |
|
Changes in operating assets and liabilities (net of effect of |
|
|
|
|
|
Trade accounts receivable |
|
23.2 |
|
(13.6) |
|
Inventories |
|
(19.1) |
|
(28.9) |
|
Trade accounts payable |
|
(74.5) |
|
90.7 |
|
Other assets and liabilities |
|
(219.4) |
|
(209.2) |
|
Dividends from unconsolidated affiliates |
|
22.6 |
|
44.2 |
|
Net cash flow provided by operating activities |
|
161.4 |
|
301.5 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Acquisition of business |
|
(19.8) |
|
— |
|
Capital expenditures (including software) |
|
(85.4) |
|
(130.3) |
|
Other investing activities |
|
— |
|
0.2 |
|
Net cash flow used in investing activities |
|
(105.2) |
|
(130.1) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Short-term borrowings, net |
|
116.0 |
|
80.3 |
|
Long-term debt borrowings |
|
0.9 |
|
— |
|
Long-term debt repayments |
|
(13.6) |
|
(28.0) |
|
Proceeds from exercised stock options |
|
13.3 |
|
10.4 |
|
Taxes withheld and paid on employee stock awards |
|
(12.6) |
|
(8.9) |
|
Common stock acquired by purchase |
|
(26.5) |
|
(4.5) |
|
Dividends paid |
|
(241.5) |
|
(225.5) |
|
Other financing activities |
|
21.1 |
|
4.0 |
|
Net cash flow used in financing activities |
|
(142.9) |
|
(172.2) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
24.7 |
|
0.5 |
|
Decrease in cash and cash equivalents |
|
(62.0) |
|
(0.3) |
|
Cash and cash equivalents at beginning of period |
|
186.1 |
|
166.6 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ 124.1 |
|
$ 166.3 |
View original content:https://www.prnewswire.com/news-releases/mccormick-reports-strong-second-quarter-performance-and-reaffirms-2025-outlook-302492123.html
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