McCormick
Q2 2022 Earnings Call
Jun 29, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Kasey Jenkins
Good morning. This is Kasey Jenkins, chief strategy officer and senior vice president of investor relations. Thank you for joining today's second quarter earnings call. To accompany this call, we posted a set of slides at ir.mccormick.com.
With me this morning are Lawrence Kurzius, chairman and CEO; Brendan Foley, president and chief operating officer; and Mike Smith, executive vice president and CFO. During this call, we will refer to certain non-GAAP financial measures. The nature of those non-GAAP financial measures and the related reconciliations to the GAAP results are included in this morning's press release and slides In our comments, certain percentages are rounded. Please refer to our presentation for complete information.
Today's presentation contains projections and other forward-looking statements. Actual results could differ materially from those projected. The company undertakes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events or other factors. Please refer to our forward-looking statements on Slide 2 for more information.
I will now turn the discussion over to Lawrence.
Lawrence Kurzius -- Chairman and Chief Executive Officer
Good morning, everyone. Thanks for joining us. I'd like to start by welcoming Brendan to this morning's call. In addition to his continuing role as president of our global consumer business, Brendan now has responsibility for our business worldwide in his newly appointed role as president and COO.
At the end of our prepared remarks, I may ask him to weigh in on some of your questions. McCormick's long-term performance, including through the pandemic and other volatility has been industry-leading and met or exceeded our financial objectives. Broadly, our results in the second quarter were in line with our sales and profit expectations despite certain global challenges, including a greater-than-expected level of high cost inflation and supply chain challenges, significant disruption in China from COVID-related lockdowns and the conflict in Ukraine. As our second quarter progressed, the dynamics of these conditions intensified and negatively impacted our sales and profit results.
Before discussing our second quarter results in more detail, I'd like to comment on each of these, starting on Page 5. Consistent with the rest of the industry, high cost inflation and supply chain are continuing challenges. To partially offset cost pressures, we've taken multiple pricing actions and, as planned, we are raising prices again. Inflation continued to escalate, and we've adjusted our upcoming pricing actions accordingly.