McCormick & Company, Incorporated provided earnings guidance for the fiscal year 2023. For the fiscal year 2023, the company expects to increase year-on-year sales by 5% to 7%. The Company expects sales growth to be driven by primarily pricing actions, which in conjunction with cost savings, are expected to offset inflationary pressures.

McCormick also expects to drive continued growth through the strength of its brands, as well as brand marketing, new products, category management, and differentiated customer engagement plans. The Company expects to grow operating income by 10% to 12%. The company projects 2023 earnings per share to be in the range of $2.42 to $2.47, compared to $2.52 of earnings per share in 2022.