WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter of fiscal 2020 on Tuesday, McCormick & Co., Inc. (MKC) said it is withdrawing its financial guidance for the full year 2020, previously issued on January 28, 2020, due to the uncertainty of the duration and extent of the coronavirus (COVID-19) pandemic impact.
However, the company reaffirmed its long-term financial objectives and capital allocation priorities.
The company said its first quarter results were significantly impacted by the extraordinary disruption in China's consumption related to the COVID-19 outbreak. Lower operating results from this impact offset the otherwise solid sales, operating income and earnings per share growth delivered in the first quarter.
'We plan to emerge strong from this event through driving our long-term strategies and reacting with agility to changing consumer behavior and capitalizing on opportunities from our relative strength,' said Lawrence Kurzius, Chairman, President and CEO.
The company said it expects to resume guidance at the time of its second quarter earnings release in June 2020.
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