Weakened demand also contributed to the earnings drop while China exposure poses another continued risk to McCormick’s prosperity.
Meanwhile, the stock trades at a high 29.5 times the company’s 2023 earnings forecast.
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MCCORMICK & CO. INC. (New York symbol MKC; www.mccormick.com) makes spices and seasonings.
McCormick will now raise your quarterly dividend by 5.4%. Starting with the January 2023 payment, investors will receive $0.39 a share instead of $0.37. The new annual rate of $1.56 yields 1.8%.
However, while restaurants have largely re-opened their dining areas, it’s likely customer traffic will remain depressed for the next few months. McCormick’s exposure to China (the Asia/Pacific region supplies 12% of its sales) is another risk factor should future pandemic shutdowns be deemed necessary.
Growth Stocks: Valuation is high despite limited expansion prospects for McCormick
The company probably saw its earnings fall 12% to $2.67 a share for fiscal 2022, ended November 30, 2022. That’s due to rising ingredient and other costs, as well as the high U.S. dollar, which weakened the contribution of foreign sales; they supply 40% of sales.
Earnings in fiscal 2023 could rebound to $2.93 a share, and the stock trades at 29.5 times that forecast. The p/e is high for a company that tends to use acquisitions to fuel its growth.
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