McCormick & Company Inc (MKC) 2023 Q2 法說會逐字稿

Good morning. This is Kasey Jenkins, Chief Growth Officer. Thank you for joining today's second quarter earnings call. To accompany this call, we have posted a set of slides at ir.mccormick.com.

早上好。我是凱西·詹金斯，首席增長官。感謝您參加今天的第二季度財報電話會議。為了配合本次電話會議，我們在 ir.mccormick.com 上發布了一組幻燈片。

With me this morning are Lawrence Kurzius, Chairman and CEO; Brendan Foley, President and COO; and Mike Smith, Executive Vice President and CFO. I would also like to welcome [Fadim Freya] joining us on this call this morning. [Fadim] joined McCormick earlier this month as Vice President, Investor Relations.

今天早上與我在一起的有董事長兼首席執行官勞倫斯·庫爾齊斯 (Lawrence Kurzius)；布倫丹·弗利 (Brendan Foley)，總裁兼首席運營官；執行副總裁兼首席財務官邁克·史密斯 (Mike Smith)。我還要歡迎 [Fadim Freya] 今天早上加入我們的電話會議。 [Fadim] 於本月早些時候加入味好美，擔任投資者關係副總裁。

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.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。這些非公認會計準則財務指標的性質以及與公認會計準則結果的相關調節均包含在今天上午的新聞稿和幻燈片中。在我們的評論中，某些百分比是四捨五入的。請參閱我們的演示文稿以獲取完整信息。

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.

今天的演示包含預測和其他前瞻性陳述。實際結果可能與預測存在重大差異。公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他因素。請參閱幻燈片 2 上的前瞻性陳述了解更多信息。

I will now turn the discussion over to Lawrence.

我現在將討論轉交給勞倫斯。

Good morning, everyone. Thanks for joining us. To start, last night, we announced that Brendan Foley will become McCormick's next Chief Executive Officer on September 1, and he is joining the Board of Directors immediately. I could not be more pleased with Brendan as my successor. I will continue to serve McCormick and all of its stakeholders as Executive Chairman of the Board once Brendan becomes CEO.

大家，早安。感謝您加入我們。首先，昨晚，我們宣布 Brendan Foley 將於 9 月 1 日成為味好美公司的下一任首席執行官，並且他將立即加入董事會。我對布倫丹成為我的繼任者感到非常滿意。一旦布倫丹成為首席執行官，我將繼續以董事會執行主席的身份為味好美及其所有利益相關者服務。

This is a transition that we have been planning internally as part of an orderly multiyear succession plan, and it's exciting to finally share the news with all of you. As many of you know, Brendan is exceptionally well qualified and prepared to lead McCormick. He deeply understands the importance of delivering continued strong growth, while doing the right things for people, communities and the planet.

這是我們內部一直在計劃的過渡，作為有序的多年繼任計劃的一部分，最終與大家分享這個消息令人興奮。正如你們許多人所知，布倫丹非常有資格並準備好領導麥考密克。他深刻理解實現持續強勁增長，同時為人民、社區和地球做正確事情的重要性。

With our advantaged competitive positioning, supported by the growing demand for flavor and with our tremendous depth of talent, I have utmost confidence that McCormick, under Brendan's leadership, will continue to drive differentiated growth and long-term shareholder value. Congratulations, Brendan.

憑藉我們的優勢競爭地位、不斷增長的風味需求以及我們深厚的人才支持，我對味好美公司在布倫丹的領導下將繼續推動差異化增長和長期股東價值充滿信心。恭喜，布倫丹。

Now on to our earnings update. First, I'll provide an overview of our second quarter results. Brendan will provide the business segment update, Mike will provide details on our financial results and 2023 outlook, and after your questions, I will have some final comments.

現在我們的收益更新。首先，我將概述我們第二季度的業績。 Brendan 將提供業務部門的最新情況，Mike 將提供有關我們的財務業績和 2023 年前景的詳細信息，在您提出問題後，我將發表一些最終評論。

Starting with our second quarter results. We're pleased with our strong second quarter performance, which reflects sustained demand across our business and the effective execution of our strategy. We delivered double-digit constant currency sales growth. Our pricing actions are in place. And importantly, our volume performance improved. We continue to see top line momentum in our business, positioning McCormick for sustained growth.

從我們第二季度的業績開始。我們對第二季度的強勁業績感到滿意，這反映了我們業務的持續需求以及我們戰略的有效執行。我們實現了兩位數的固定貨幣銷售額增長。我們的定價行動已經到位。重要的是，我們的體積性能得到了改善。我們繼續看到我們業務的營收增長勢頭，為味好美公司的持續增長奠定了基礎。

Additionally, we drove meaningful year-over-year margin expansion in both segments, underscoring our focus on profit realization. Our Global Operating Effectiveness, or GOE program, which includes the optimization of our supply chain cost structure, is yielding results. We grew adjusted earnings per share 25% driven by significant adjusted operating income growth and despite interest rate and tax headwinds.

此外，我們推動了這兩個細分市場的利潤率同比大幅增長，凸顯了我們對利潤實現的關注。我們的全球運營效率 (GOE) 計劃（包括供應鏈成本結構的優化）正在取得成果。儘管存在利率和稅收不利因素，但在調整後營業收入大幅增長的推動下，我們調整後每股收益增長了 25%。

Year-to-date, cash flow from operations more than doubled driven by higher earnings, I just mentioned, and working capital improvements. Notably, we're reducing inventory levels as planned.

年初至今，我剛才提到，在盈利增加和營運資本改善的推動下，運營現金流增加了一倍多。值得注意的是，我們正在按計劃降低庫存水平。

Both segments in all regions contributed with strong growth. Our results benefited from our recovery in China. And while the timing and pace of recovery in our China business was less robust than anticipated, it was still strong, and we are confident in the contribution China will provide to our results as the year progresses.

所有地區的這兩個細分市場均實現了強勁增長。我們的業績得益於中國的複蘇。儘管我們中國業務的複蘇時機和速度不如預期強勁，但仍然強勁，我們對中國業務今年將為我們的業績做出的貢獻充滿信心。

Overall, we are pleased with our execution and results during the first half of 2023. Our year-to-date results, combined with the strong demand we continue to expect across our portfolio and our diligent approach to optimizing our cost structure, bolster our confidence in our growth trajectory as we enter the second half of the year. As such, we are raising our adjusted operating income and earnings per share outlook for the full year.

總體而言，我們對 2023 年上半年的執行和結果感到滿意。我們年初至今的結果，加上我們對整個產品組合持續預期的強勁需求，以及我們為優化成本結構而付出的努力，增強了我們的信心當我們進入下半年時，我們的增長軌跡。因此，我們上調了全年調整後的營業收入和每股收益預期。

Turning to Slide 5. In the second quarter, we drove 8% sales growth or 10% in constant currency. Our constant currency sales growth reflected strong business performance, with an 11% contribution from pricing and a 1% decline in volume and product mix. Netted in this volume decline are net 1% volume increase from China recovery, partially offset by our Kitchen Basics divestiture and the exit of our Consumer business in Russia, and 1% decline attributable to pruning low-margin business.

轉向幻燈片 5。第二季度，我們的銷售額增長了 8%，按固定匯率計算增長了 10%。我們的貨幣銷售額持續增長反映了強勁的業務業績，定價貢獻了 11%，銷量和產品組合下降了 1%。此次銷量下降的原因是中國復甦帶來的銷量淨增長 1%，部分被我們的 Kitchen Basics 剝離和俄羅斯消費者業務的退出所抵消，另外 1% 的下降歸因於削減低利潤業務。

As examples, we exited direct store delivery, DSD, of our bagged Hispanic products in our Americas Consumer segment and a private label foodservice line in EMEA.

例如，我們在美洲消費者細分市場中退出了袋裝西班牙產品的直接商店交付（DSD），並在歐洲、中東和非洲地區退出了自有品牌食品服務線。

From a segment lens, both the Consumer and Flavor Solutions segments delivered strong sales growth in each region. In the Consumer segment, we continued to have strong price realization, and we drove a sequential improvement in volume performance. In Flavor Solutions, our exceptional performance continued with our ninth consecutive quarter of constant currency double-digit sales growth. Our sales performance demonstrates the strength of our broad global portfolio and positions us well for continued top line growth for the balance of the year.

從細分市場來看，消費者和風味解決方案細分市場在每個地區都實現了強勁的銷售增長。在消費領域，我們繼續實現強勁的價格實現，並推動銷量表現的連續改善。在風味解決方案方面，我們繼續保持卓越的業績，連續第九個季度按固定匯率計算銷售額實現兩位數增長。我們的銷售業績證明了我們廣泛的全球產品組合的實力，並使我們能夠在今年餘下的時間裡實現收入的持續增長。

I'd like to share a few highlights about our gross margin performance, which Mike will cover in more detail in a few moments. We drove significant gross margin improvement, reflecting the continued recovery of the cost inflation our pricing lagged last year. Cost savings from our CCI and GOE programs and the impact of strategic decisions we've made to optimize our portfolio will focus on driving margin improvement, as we continue to prune low-margin business.

我想分享一些有關我們毛利率表現的亮點，邁克稍後將更詳細地介紹這些內容。我們推動了毛利率的顯著改善，反映出我們去年定價滯後的成本通脹的持續復甦。隨著我們繼續削減低利潤業務，我們的 CCI 和 GOE 計劃節省的成本以及我們為優化投資組合而做出的戰略決策的影響將集中於推動利潤率的提高。

Our gross margin expansion in the quarter was partially offset by higher SG&A as we build back incentive compensation as planned. Our adjusted operating income increased by 35% versus the second quarter of last year or, in constant currency, 36%. This growth drove an adjusted earnings per share increase of 25%, which also reflected higher interest and effective tax rate.

由於我們按計劃恢復了激勵性薪酬，因此本季度毛利率的增長被較高的銷售及管理費用所部分抵消。我們調整後的營業收入比去年第二季度增長了 35%，按固定匯率計算增長了 36%。這一增長推動調整後每股收益增長 25%，這也反映了更高的利息和有效稅率。

We remain confident that we have the right plans in place and are taking the right actions. We are halfway through the year. Our year-to-date results speak for themselves. We expect to continue driving profitable growth for the balance of the year. Demand is strong, we're driving improvements in our margin profile and optimizing our cost structure effectively.

我們仍然相信，我們制定了正確的計劃並正在採取正確的行動。我們已經過半了。我們今年迄今為止的結果不言而喻。我們預計今年剩餘時間將繼續推動盈利增長。需求強勁，我們正在推動利潤狀況的改善並有效優化我們的成本結構。

I want to thank McCormick employees worldwide for their collective powers driving our success. I'm proud of the tremendous job that McCormick team has done, navigating the dynamic environment over the last few years. I'd like to recognize their energy and excitement for the business, which is coming through in our results.

我要感謝世界各地的味好美員工，他們的集體力量推動了我們的成功。我為味好美團隊在過去幾年應對動態環境中所做的巨大工作感到自豪。我想認識到他們對業務的活力和興奮，這在我們的業績中得到了體現。

Now I'd like to ask Brendan to share the second quarter business updates for our segments.

現在我想請布倫丹分享我們部門的第二季度業務更新。

Thank you, Lawrence.

謝謝你，勞倫斯。

Starting with our Consumer segment on Slide 8, our underlying performance was strong, reflecting our price realization and continuing positive momentum in our consumption trends. We continue to see sequential improvement.

從幻燈片 8 上的消費者細分市場開始，我們的基本表現強勁，反映出我們的價格實現和消費趨勢的持續積極勢頭。我們繼續看到連續的改善。

Now for some highlights by region, starting with the Americas. Our total U.S. branded portfolio consumption, as indicated by our IRI consumption data and combined with unmeasured channels, grew 7%. The difference between our sales and consumption was attributable to the retail sell-through of discontinued items and listing fees for an increase in the new distribution and products.

現在按地區介紹一些亮點，首先是美洲。根據我們的 IRI 消費數據並結合未衡量的渠道，我們的美國品牌組合消費總額增長了 7%。我們的銷售額和消費之間的差異歸因於停產商品的零售銷售以及新分銷和產品增加的上市費用。

For example, our new Cholula and Stubb's items and Tabitha Brown line extensions, as anticipated, our alignment between consumption and shipments is normalizing. As usual, we expect some business fluctuations from period to period.

例如，我們的新 Cholula 和 Stubb's 商品以及 Tabitha Brown 產品線延伸，正如預期的那樣，我們的消費和發貨之間的一致性正在正常化。與往常一樣，我們預計不同時期的業務會出現一些波動。

In spices and seasonings, both consumption dollars and units accelerated sequentially from the last several quarters, with unit strength in core products such as straight [full] spices and vanilla, as well as our seasoning blends, which provide consumers both convenience and flavor exploration.

在香料和調味料方面，消費金額和單位數量較過去幾個季度連續加速，純[全]香料和香草等核心產品以及我們的混合調味料的單位實力強勁，為消費者提供了便利和風味探索。

Launch-to-date results of our Lawry's Everyday and Spice Ranch continue to be positive. We are seeing incremental sales and profits to the category. And like the first quarter, over half of the purchases are from new buyers to McCormick and overall incremental to the category.

我們的 Lawry's Everyday 和 Spice Ranch 迄今為止的推出結果仍然是積極的。我們看到該類別的銷售額和利潤不斷增加。與第一季度一樣，超過一半的採購來自味好美的新買家，並且總體上是該類別的增量。

We also continue to see consumers trade up from private label. As our proprietary research indicates, consumers still prefer brands, even when under economic pressure. Our excitement and distribution for this product line continues to build.

我們還繼續看到消費者從自有品牌轉向升級。正如我們的專有研究表明，即使在經濟壓力下，消費者仍然更喜歡品牌。我們對該產品線的興奮和分佈不斷增強。

The renovation of our U.S. core Everyday Spice and Herb portfolio is rolling out according to plan and is a seamless transition for our retail partners, as it fits into existing shelf spots. At the end of the second quarter, we had about 30% of our SKUs on shelf. We will continue to roll out the product over the course of the year, and our significant brand marketing campaign will be ramping up at the end of the third quarter.

我們的美國核心日常香料和香草產品組合的改造正在按計劃進行，對於我們的零售合作夥伴來說是一個無縫過渡，因為它適合現有的貨架位置。截至第二季度末，我們大約有 30% 的 SKU 已上架。我們將在今年繼續推出該產品，我們重要的品牌營銷活動將在第三季度末加大力度。

Our larger-size, super deal herbs and spices continue to benefit the category and McCormick with 11% consumption growth in the second quarter, as consumers continue to cook more at home. Super Deals purchase cycle is similar to that of smaller sizes, even though they are 3x the volume, and household penetration remains greater than pre-COVID.

隨著消費者繼續更多地在家做飯，我們的大規格、超級優惠的香草和香料繼續使該類別和味好美第二季度的消費增長 11% 受益。超級優惠的購買週期與較小規模的相似，儘管其數量是其三倍，而且家庭滲透率仍然高於新冠疫情之前。

We kicked off the grilling season at the end of the second quarter, and early results are good. Frank's RedHot and Cholula hot sauces, French's mustard, Lawry's marinade and McCormick Mayonesa all delivered double-digit growth in the second quarter, with Stubb's Bar-B-Q sauce as well as Grill Mates' seasoning blends and recipe mixes following close with high single-digit growth.

我們在第二季度末開始了燒烤季節，早期結果不錯。 Frank's RedHot 和 Cholula 辣醬、French's 芥末、Lawry's 醃料和 McCormick Mayonesa 在第二季度均實現了兩位數增長，Stubb's Bar-B-Q 醬以及 Grill Mates 的調味料混合物和食譜混合物緊隨其後，實現了高個位數增長生長。

We are expecting our new grilling products and strong promotions to heat up share performance. We've launched 3 new Grill Mates on-trend flavors, including Smash Burger and Garlic Butter, as well as Grillers Choice Marinades, which you can use as 3 different flavors. All have had strong retailer acceptance.

我們期待新的燒烤產品和強有力的促銷活動能夠提振股價表現。我們推出了 3 種新的 Grill Mates 流行口味，包括碎漢堡和大蒜黃油，以及 Grillers Choice 醃料，您可以將其用作 3 種不同的口味。所有這些都得到了零售商的強烈認可。

We are really excited about our Stubb's real-smoke rubs, which capture real authentic hardwood smoke flavor, and Stubb's Jalepano & Honey Bar-B-Q Sauce, which combines 2 trending flavor profiles. And the nuance of heat and flavor that our Frank's Smokin' Sweet BBQ Wings Sauce offers.

我們對 Stubb 的真煙熏擦劑感到非常興奮，它捕捉到了真正的硬木煙熏風味，而 Stubb 的墨西哥辣椒和蜂蜜 Bar-B-Q 醬則結合了 2 種流行的風味特徵。以及我們的 Frank's Smokin' Sweet BBQ Wings Sauce 提供的熱量和風味的細微差別。

We are fired up for the grilling season and expect the launch of our Fired Up brand marketing campaign in the third quarter to fire up consumer demand as well.

我們對燒烤季節充滿熱情，預計第三季度推出 Fired Up 品牌營銷活動也將刺激消費者需求。

Our expansion into the fast-growing Mexican aisle with Cholula Taco recipe mixes and salsas based on authentic Mexican formula is off to a great start, following our Cinco de Mayo execution. During the third quarter, we are increasing our Cholula brand marketing investments to support our expanded portfolio.

繼我們的 Cinco de Mayo 執行之後，我們向快速增長的墨西哥市場擴張，推出基於正宗墨西哥配方的 Cholula Taco 配方混合物和莎莎醬，這是一個良好的開端。第三季度，我們增加了 Cholula 品牌營銷投資，以支持我們擴大的產品組合。

Our third quarter brand marketing will also include increasing our investments for our McCormick Gourmet product line with our Further for Flavor campaign, highlighting our commitment to sustainability from farm to table. With our supply issues of this product line resolved, we are excited to be able to support this premium product offering for the first time in 2 years. And importantly, as we enter the second half of the year, it is historically our most significant period.

我們第三季度的品牌營銷還將包括通過“Further for Flavor”活動增加對 McCormick Gourmet 產品線的投資，突顯我們對從農場到餐桌的可持續發展的承諾。隨著該產品線的供應問題得到解決，我們很高興能夠在兩年內首次支持這一優質產品。重要的是，隨著我們進入下半年，這是我們歷史上最重要的時期。

Finally, in the Americas, we continue to drive double-digit consumption growth in e-commerce led by spices and seasonings. We are realizing high returns on our investments, gaining new customers and growing with new products, such as our new Frank's Dill Pickle hot sauce on our direct-to-consumer platform, which sold out in less than a week. We will start to expand distribution in stores late this year.

最後，在美洲，我們繼續推動以香料和調味料為首的電子商務消費實現兩位數增長。我們正在實現高投資回報，贏得新客戶並通過新產品實現增長，例如我們在直接面向消費者的平台上推出的新 Frank's Dill Pickle 辣醬，在不到一周的時間內就銷售一空。我們將於今年晚些時候開始擴大商店的分銷範圍。

In EMEA, our second quarter was our strongest quarterly sales performance in 2 years. Our effective pricing accelerated to contribute double-digit growth, and our volume performance improved sequentially. And in fact, we grew volume in the U.K. and Eastern Europe.

在歐洲、中東和非洲地區，我們的第二季度是兩年來最強勁的季度銷售業績。我們的有效定價加速，貢獻了兩位數的增長，我們的銷量表現也隨之改善。事實上，我們在英國和東歐的銷量有所增長。

Consumption data continues to indicate that consumer is holding up well in our categories and our share performance is solid. We are growing herbs, spices and seasonings' share in Eastern Europe and in Italy, and our growth plans in France are also yielding results with improved share performance.

消費數據繼續表明，消費者在我們的品類中表現良好，我們的股票表現也很穩健。我們正在東歐和意大利擴大香草、香料和調味料的份額，我們在法國的增長計劃也取得了成果，提高了份額表現。

We are excited about celebrating the 60th anniversary of our program this year. We are scaling our grilling activation in France and partnering with key retailers to celebrate the brand's anniversary and to spark another reason to celebrate around the grill.

我們很高興今年慶祝我們的計劃成立 60 週年。我們正在擴大在法國的燒烤活動規模，並與主要零售商合作，慶祝該品牌的周年紀念日，並激發圍繞燒烤慶祝的另一個理由。

In the U.K., we have also kicked off the grilling season and are building out our support in the discount channel, featuring our Schwartz Grill Mates products. In both France and the U.K., we will be increasing our third quarter brand marketing investments to support grilling as well as new products and to continue to emphasize our value messaging.

在英國，我們也拉開了燒烤季節的序幕，並在折扣渠道中建立了支持，其中包括我們的 Schwartz Grill Mates 產品。在法國和英國，我們將增加第三季度的品牌營銷投資，以支持燒烤和新產品，並繼續強調我們的價值信息。

Across the region, we are making meaningful progress in the fast-growing discount channel, expanding distribution and gaining share. Finally, we are gaining share of the U.K. hot sauce category. We continue to drive strong Frank's RedHot performance and are accelerating our Cholula growth, with new distribution and e-commerce multipacks contributing significantly to our hot sauce growth. Overall, our investments in brand marketing, merchandising and new products are proven to be effective and are driving growth in EMEA.

在整個地區，我們在快速增長的折扣渠道、擴大分銷和贏得市場份額方面取得了有意義的進展。最後，我們正在獲得英國辣醬類別的份額。我們繼續推動 Frank's RedHot 的強勁業績，並加速 Cholula 的增長，新的分銷和電子商務合裝包為我們的辣醬增長做出了重大貢獻。總體而言，我們在品牌營銷、商品推銷和新產品方面的投資已被證明是有效的，並且正在推動歐洲、中東和非洲地區的增長。

In the Asia Pacific region, growth for the quarter reflected lapping the COVID-related disruptions in China. While our business is recovering and our second quarter growth was robust, it was lower than our expectations, as the pace of reopening is proving to be more gradual, and consumer spending was pressured by broad-based economic pressures in the region.

在亞太地區，本季度的增長反映出中國受到了新冠肺炎相關干擾的影響。雖然我們的業務正在復蘇，第二季度增長強勁，但仍低於我們的預期，因為事實證明重新開放的步伐更為漸進，而且消費者支出受到該地區廣泛經濟壓力的壓力。

We remain optimistic for a more normal operating environment emerging as the year progresses and we enter into 2024, driving sustainable growth as we execute on our strategies. Outside of China, new products and brand marketing initiatives drove double-digit growth in other markets, with strength in branded spices and seasonings and Frank's RedHot.

隨著時間的推移和進入 2024 年，我們對更加正常的運營環境保持樂觀，在我們執行戰略的同時推動可持續增長。在中國以外，新產品和品牌營銷舉措推動了其他市場的兩位數增長，其中品牌香料和調味料以及 Frank's RedHot 的實力強勁。

Wrapping up the Consumer update, we are fueling our growth with the power of our brands and increased innovation and brand marketing. The supply issues we experienced last year are resolved, and we are using our strength in category management to increase distribution and drive McCormick and category growth.

在結束消費者更新時，我們正在利用品牌的力量以及增加的創新和品牌營銷來推動我們的增長。我們去年遇到的供應問題已經得到解決，我們正在利用我們在品類管理方面的優勢來增加分銷並推動味好美和品類的增長。

Our year-to-date results bolster our confidence that we will continue to drive sales growth as we have in the past, before, during and after the pandemic. We believe the execution of our growth plans will be a win for consumers, customers, our categories and McCormick, differentiating us even more and strengthening our leadership in core categories.

我們今年迄今的業績增強了我們的信心，我們將像過去、疫情之前、期間和之後一樣繼續推動銷售增長。我們相信，我們的增長計劃的執行將是消費者、客戶、我們的品類和味好美公司的雙贏，使我們更加與眾不同，並加強我們在核心品類中的領導地位。

Now turning to Flavor Solutions on Slide 10. We are continuing our outstanding sales growth momentum in this segment. As Lawrence already mentioned, the second quarter was our ninth consecutive quarter with double-digit constant currency sales growth. We have previously shared our commitment to restoring profitability in this segment, and the second quarter is marking an inflection point toward our objective to continuing to build our margin.

現在轉向幻燈片 10 上的風味解決方案。我們將繼續在這一領域保持出色的銷售增長勢頭。正如勞倫斯已經提到的，第二季度是我們連續第九個季度實現兩位數的恆定貨幣銷售額增長。我們之前曾承諾恢復該領域的盈利能力，第二季度標誌著我們繼續提高利潤目標的拐點。

Our growth was led by pricing actions in all 3 regions. We are priced to cover current year inflation and are continuing to recover the cost inflation our pricing lagged the last 2 years. Recovery in the second quarter was even greater than the first.

我們的增長是由所有 3 個地區的定價行動帶動的。我們的定價涵蓋了當年的通貨膨脹，並且正在繼續恢復我們的定價滯後於過去兩年的成本通脹。第二季度的複蘇甚至比第一季度還要強勁。

Now for regional highlights. Our Americas second quarter strong sales growth was led by our Flavors product category. Within Flavors, seasonings growth was strong, including volume growth related to new products, which is outpacing last year's new product contribution, as well as our strength in our customers' iconic products.

現在介紹區域亮點。我們的美洲第二季度強勁的銷售增長是由我們的調味品產品類別帶動的。在調味品領域，調味品增長強勁，包括與新產品相關的銷量增長（超過了去年的新產品貢獻），以及我們在客戶標誌性產品方面的實力。

We are winning in seasonings with our heat platform. Flavors for Performance Nutrition beverages and health end market applications also contributed to our strong performance as we continue driving double-digit sales growth. We are winning with new products for existing and new customers.

我們憑藉我們的加熱平台在調味品領域獲勝。隨著我們繼續推動兩位數的銷售增長，功能營養飲料和健康終端市場應用的風味也為我們的強勁業績做出了貢獻。我們通過新產品為現有和新客戶贏得勝利。

In branded foodservice, we continue to gain share in hot sauce, mustard, spices and seasonings, with strength this quarter in Grill Mates and Lawry's. Our grilling portfolio is firing up in branded foodservice, just like in our Consumer segment.

在品牌餐飲服務領域，我們繼續擴大辣醬、芥末、香料和調味料的市場份額，本季度在 Grill Mates 和 Lawry's 方面表現強勁。我們的燒烤產品組合正在品牌餐飲服務領域蓬勃發展，就像我們的消費者領域一樣。

Moving to EMEA. We continue to drive broad-based growth across the portfolio, led by higher sales to our quick service restaurant customers in the second quarter. Overall, our price realization accelerated again from last quarter. Notably, we grew sales constant currency 15% in the quarter, despite an impact from pruning low-margin business, as Lawrence mentioned earlier, and softness in some of our QSR and packaged food and beverage customers volume within their own business.

搬到歐洲、中東和非洲地區。在第二季度快餐店客戶銷售額增加的帶動下，我們繼續推動整個產品組合的廣泛增長。總體而言，我們的價格實現比上季度再次加速。值得注意的是，儘管受到修剪低利潤業務的影響（正如勞倫斯之前提到的），以及我們的一些快餐和包裝食品和飲料客戶在自己的業務中銷量疲軟的影響，但按固定匯率計算，我們本季度的銷售額增長了 15%。

And in APZ, we also experienced recovery in China and are encouraged about the return to normal, as growth was also driven by a strong performance of our quick service restaurant customers' promotions. Outside of China, we delivered double-digit growth, with effective price realization as well as solid volume growth driven by demand from QSRs.

在亞太區，我們在中國也經歷了復甦，並對恢復正常感到鼓舞，因為我們的快餐店客戶促銷活動的強勁表現也推動了增長。在中國以外，我們實現了兩位數的增長，有效的價格實現以及由快餐需求推動的穩健的銷量增長。

The strength of our Flavor Solutions portfolio and capabilities, including our differentiated customer engagement and culinary inspired innovation, are driving our outstanding Flavor Solutions momentum. The power of McCormick and FONA together continues to create exciting growth opportunities in a technically insulated and value-added part of our portfolio, especially with our recent wins in health and nutrition.

我們的風味解決方案組合和能力的優勢，包括我們差異化的客戶參與和烹飪啟發的創新，正在推動我們出色的風味解決方案的發展勢頭。味好美和 FONA 的共同力量繼續為我們產品組合的技術隔離和增值部分創造令人興奮的增長機會，特別是我們最近在健康和營養領域取得的勝利。

And in branded foodservice, we expect new products, increase the menu penetration and culinary partnerships to drive continued growth. Our robust plans in Flavor Solutions bolster our confidence in continuing our growth trajectory and driving our Flavor Solutions leadership.

在品牌餐飲服務方面，我們預計新產品、增加菜單滲透率和烹飪合作夥伴關係將推動持續增長。我們在風味解決方案方面的穩健計劃增強了我們繼續保持增長軌跡並推動風味解決方案領導地位的信心。

Now I'd like to turn it over to Mike to provide details on our financial performance.

現在我想請邁克提供有關我們財務業績的詳細信息。

Thanks, Brendan, and good morning, everyone.

謝謝，布倫丹，大家早上好。

Starting on Slide 12. Our top line constant currency sales grew 10% compared to the second quarter of last year, reflecting 11% from pricing, partially offset with a 1% volume and mix decline. As Lawrence already mentioned, there were impacts to volume related to the China recovery, the Kitchen Basics divestiture, the exit of our Consumer business in Russia and strategic decisions we made related to optimizing the profitability of our portfolio. At the total company level, all these impacts netted out.

從幻燈片 12 開始。與去年第二季度相比，我們的固定貨幣銷售額增長了 10%，其中 11% 來自定價，部分抵消了 1% 的銷量和組合下降。正如勞倫斯已經提到的那樣，中國的複蘇、Kitchen Basics 的剝離、俄羅斯消費者業務的退出以及我們為優化投資組合盈利能力而做出的戰略決策都對銷量產生了影響。在整個公司層面，所有這些影響都被抵消了。

In our Consumer segment, constant currency sales increased 7%, reflecting a 9% increase from pricing actions, partially offset by a 2% volume decline. Including in this volume decline are a net 1% increase from the recovery in China, partially offset by the Kitchen Basics divestiture and our business exit in Russia; a 1% decline from exiting DSD, or direct store delivery, business for our Hispanic bag products in the Americas.

在我們的消費者細分市場，按固定匯率計算銷售額增長了 7%，反映出定價行動帶來的 9% 增長，但部分被銷量下降 2% 所抵消。這一銷量下降包括中國復甦帶來的 1% 的淨增長，部分被 Kitchen Basics 剝離和我們在俄羅斯的業務退出所抵消；與我們在美洲退出的 DSD（即直接商店送貨）業務相比，我們的西班牙包袋產品下降了 1%。

On Slide 13, consumer sales in the Americas increased 4% in constant currency, with an 8% increase from pricing actions, partially offset by a 1% volume decline from the Kitchen Basics divestiture, a 2% volume decline from the Hispanic product DSD exit and 1% underlying volume and mix decline. Our strong underlying sales growth was driven by the products in our grilling portfolio, Brendan mentioned earlier.

在幻燈片 13 中，按固定匯率計算，美洲的消費者銷售額增長了 4%，其中定價行動帶來了 8% 的增長，部分被 Kitchen Basics 剝離造成的 1% 銷量下降以及西班牙產品 DSD 退出帶來的 2% 銷量下降所抵消基礎成交量和組合下降 1%。布倫丹之前提到，我們強勁的基礎銷售增長是由我們的燒烤產品組合中的產品推動的。

In EMEA, constant currency consumer sales increased 9%, with a 12% increase from pricing actions, partially offset by a 2% volume decline from exiting Russia, a 1% underlying volume and mix decline. Excluding Russia, sales growth was broad based across all categories and markets.

在歐洲、中東和非洲地區，按固定匯率計算消費者銷售額增長 9%，其中定價行動帶來 12% 的增長，部分被退出俄羅斯導致的 2% 的銷量下降、1% 的基礎銷量和混合下降所抵消。除俄羅斯外，所有類別和市場的銷售增長都很廣泛。

Constant currency consumer sales in the Asia Pacific region increased 28% driven by a 20% volume increase from China recovery and a 6% increase from pricing actions across the entire region, as well as 2% increase in all other volume and product mix.

亞太地區按固定匯率計算的消費者銷售額增長了 28%，這主要得益於中國經濟復甦帶來的銷量增長 20%、整個地區的定價行動帶來的 6% 增長以及所有其他銷量和產品組合增長 2% 的推動。

Turning to our Flavor Solutions segment on Slide 16. We grew second quarter constant currency sales 13%, reflecting a 14% increase from pricing actions, partially offset by a 1% volume decline. Included in this volume decline are a net 1% increase from the recovery in China, offset by a 1% decline from discontinuing a private label foodservice product line in EMEA.

轉向幻燈片 16 上的風味解決方案部門。第二季度按固定匯率計算銷售額增長了 13%，反映出定價行動帶來的 14% 增長，部分被 1% 的銷量下降所抵消。這一銷量下降包括中國復甦帶來的 1% 的淨增長，但被歐洲、中東和非洲 (EMEA) 停止自有品牌餐飲服務產品線帶來的 1% 下降所抵消。

In the Americas, Flavor Solutions constant currency sales rose 11%. Pricing actions contributed to higher sales across the customer base. Volume and product mix declined in the quarter as strong volume growth in seasonings was more than fully offset by the impact of pruning of low-margin business.

在美洲，Flavour Solutions 按固定匯率計算的銷售額增長了 11%。定價行動促進了整個客戶群的銷售額增長。本季度銷量和產品組合有所下降，因為調味料銷量的強勁增長完全被低利潤業務削減的影響所抵消。

In EMEA, constant currency sales increased 15%, with pricing actions partially offset by lower volume and product mix, including a 2% impact from discontinuing the private label product line I mentioned earlier.

在歐洲、中東和非洲地區，按固定匯率計算銷售額增長了 15%，定價行動部分被銷量和產品組合下降所抵消，其中包括我之前提到的停止自有品牌產品線帶來的 2% 的影響。

EMEA's Flavor Solutions outstanding growth was driven by pricing and was broad based across this portfolio, led by higher sales to QSR customers. Volume and mix, outside the product discontinuation, declined due to softness in some of our customers' volume within their own businesses, mainly packaged food and beverage customers as well as QSRs.

歐洲、中東和非洲風味解決方案的出色增長是由定價推動的，並且在 QSR 客戶銷售額增加的帶動下，該產品組合具有廣泛的基礎。由於我們的一些客戶（主要是包裝食品和飲料客戶以及快餐客戶）在其自身業務中的銷量疲軟，除產品停產之外，銷量和產品組合有所下降。

In the Asia Pacific region, Flavor Solutions sales grew 22% in constant currency, with a 13% volume benefit in China due to lapping the prior year COVID-related disruption; an 8% increase from pricing actions; and a 1% increase in all other volume and mix driven by Australia.

在亞太地區，風味解決方案的銷售額按固定匯率計算增長了 22%，其中中國的銷量增長了 13%，因為克服了上一年新冠肺炎相關的干擾；定價行動增加 8%；由澳大利亞推動的所有其他銷量和組合增長了 1%。

As seen on Slide 20, gross profit margin expanded 310 basis points in the second quarter versus the year ago period, reflecting our unwavering focus on increasing profit realization. Favorable drivers in the quarter were our CCI and GOE programs, the continued recovery of the cost inflation our pricing lagged over the last 2 years as we planned and favorable product mix in both segments. We offset current year inflation in the second quarter with our pricing.

如幻燈片 20 所示，第二季度毛利率比去年同期增長了 310 個基點，反映出我們堅定不移地致力於增加利潤實現。本季度的有利推動因素是我們的 CCI 和 GOE 計劃，成本通脹的持續復甦，我們的定價在過去兩年中滯後，因為我們在這兩個領域規劃了有利的產品組合。我們通過定價抵消了第二季度的通脹。

Notably, in Flavor Solutions, while we continue to incur some level of higher cost to meet high demand in certain parts of our business, we continue to make progress on reducing the level of these costs. And as we expected, the second quarter's [dual running] costs we experienced in the U.K. were comparable to last year. We are very pleased with our gross margin expansion for the quarter and expect to continue to drive margin improvement in the balance of the year.

值得注意的是，在風味解決方案中，雖然我們繼續承擔一定程度的較高成本以滿足業務某些部分的高需求，但我們在降低這些成本水平方面繼續取得進展。正如我們預期的那樣，我們在英國經歷的第二季度的[雙運行]成本與去年相當。我們對本季度毛利率的擴張感到非常滿意，並預計將繼續推動今年剩餘時間的利潤率改善。

Now moving to Slide 21. Selling, general and administrative expenses, or SG&A, increased relative to the second quarter of last year, as higher employee incentive compensation expenses and distribution costs were partially offset by CCI-led and GOE savings, brand marketing increase compared to the second quarter of last year, and we are expecting an even more significant year-over-year increase in the third quarter. As a percentage of net sales, SG&A increased 20 basis points.

現在轉到幻燈片 21。銷售、一般和管理費用 (SG&A) 相對於去年第二季度有所增加，因為較高的員工激勵薪酬費用和分銷成本被 CCI 主導的和 GOE 的節省部分抵消，品牌營銷費用與去年第二季度相比有所增加。到去年第二季度，我們預計第三季度同比增長將更加顯著。 SG&A 占淨銷售額的百分比增加了 20 個基點。

Strong sales growth and gross margin expansion, partially offset by higher SG&A costs, resulted in a constant currency increase in adjusted operating income of 36% compared to the second quarter of 2022. In constant currency, the Consumer segment's adjusted operating income increased 24%, and the Flavor Solutions segment grew 66%.

強勁的銷售增長和毛利率擴張（部分被較高的 SG&A 成本所抵消）導致調整後營業收入與 2022 年第二季度相比按固定匯率計算增長了 36%。按固定匯率計算，消費者部門的調整後營業收入增長了 24%，風味解決方案部門增長了 66%。

Turning to interest expense and income taxes on Slide 22. Our interest expense increased significantly over the second quarter of 2022 driven by the higher interest rate environment. Our second quarter adjusted effective tax rate was 22.3% compared to 18.6% in the year-ago period. Both periods were favorably impacted by discrete tax items, with a more significant impact last year.

轉向幻燈片 22 上的利息支出和所得稅。在較高利率環境的推動下，我們的利息支出在 2022 年第二季度大幅增加。我們第二季度調整後的有效稅率為 22.3%，而去年同期為 18.6%。這兩個時期都受到離散稅項的有利影響，去年的影響更為顯著。

At the bottom line, as shown on Slide 23, second quarter 2023 adjusted earnings per share was $0.60 as compared to $0.48 for the year ago period. The increase was driven by higher adjusted operating income, partially offset by higher interest expense and a higher effective tax rate.

從底線來看，如幻燈片 23 所示，2023 年第二季度調整後每股收益為 0.60 美元，而去年同期為 0.48 美元。這一增長是由較高的調整後營業收入推動的，但部分被較高的利息支出和較高的有效稅率所抵消。

On Slide 24, we summarize highlights for cash flow and the quarter-end balance sheet. Our cash flow from operations year-to-date was strong, $394 million in 2023 compared to $154 million for the first half of 2022. The increase was primarily driven by higher net income and working capital improvements, including lower inventory as well as lower incentive compensation payments. We returned $209 million of cash to our shareholders through dividends and used $119 million for capital expenditures through the second quarter.

在幻燈片 24 中，我們總結了現金流量和季末資產負債表的亮點。年初至今，我們的運營現金流強勁，2023 年為 3.94 億美元，而 2022 年上半年為 1.54 億美元。這一增長主要是由於淨利潤增加和營運資本改善，包括庫存減少和激勵措施降低賠償金。我們通過股息向股東返還了 2.09 億美元現金，並在第二季度使用了 1.19 億美元的資本支出。

We expect 2023 to be a year of strong cash flow driven by our profit and working capital initiatives. Our priority is to continue to have a balanced use of cash, funding investments to drive growth, returning a significant portion to our shareholders through dividends and paying down debt. We remain committed to a strong investment-grade rating, and we have a history of strong cash generation and profit realization.

我們預計 2023 年將是在我們的利潤和營運資本計劃的推動下現金流強勁的一年。我們的首要任務是繼續平衡使用現金，為投資提供資金以推動增長，通過股息和償還債務向股東返還很大一部分。我們仍然致力於提供強勁的投資級評級，並且擁有強勁的現金生成和利潤實現歷史。

Now turning to our updated 2023 financial outlook on Slide 25. Our 2023 outlook reflects our continued positive top line growth momentum and, with the optimization of our cost structure, increased profit realization. We expect to drive margin expansion with strong sales and adjusted operating income growth that reflects the health of our underlying business performance as well as the net favorable impact from several discrete drivers.

現在轉向幻燈片 25 上更新的 2023 年財務展望。我們的 2023 年展望反映了我們持續的積極營收增長勢頭，並且隨著成本結構的優化，利潤實現增加。我們預計通過強勁的銷售和調整後的營業收入增長來推動利潤率的擴張，這反映了我們基本業務績效的健康狀況以及幾個離散驅動因素的淨有利影響。

We expect our adjusted operating profit growth will be partially offset below operating profit by higher interest expense and a higher projected effective tax rate. We also expect there will be a minimal impact from currency rates, although there will be a timing aspect as we realize an unfavorable impact in the first half of the year and project a favorable impact in the second half.

我們預計，調整後的營業利潤增長將被較高的利息支出和較高的預計有效稅率部分抵消。我們還預計匯率的影響將很小，儘管存在時間方面的問題，因為我們意識到上半年會產生不利影響，並預計下半年會產生有利影響。

For fiscal 2023, we are reaffirming our sales outlook. And as Lawrence mentioned, we are raising adjusted operating income and adjusted earnings per share driven by our strong year-to-date performance, combined with the robust demand we continue to expect and our diligent approach to optimizing our cost structure.

對於 2023 財年，我們重申我們的銷售前景。正如勞倫斯所提到的，我們正在提高調整後的營業收入和調整後的每股收益，這得益於我們今年迄今為止的強勁業績，加上我們持續預期的強勁需求以及我們為優化成本結構而採取的勤奮方法。

At the top line, we continue to expect 5% to 7% growth driven primarily by the wrap of last year's pricing actions, combined with new pricing actions we have taken in 2023. We expect several factors to impact our volume and product mix over the course of the year, including price elasticities consistent with 2022 at lower level than we have historically experienced, but in line with the current environment; a 1% estimated benefit from lapping last year's impact of COVID-related disruptions in China, although we expect the impact will vary from quarter to quarter given 2022's level of demand volatility; the divestiture of our Kitchen Basics business in August of last year; and the exit of our Consumer business in Russia during last year's second quarter; and finally, the continued pruning of lower-margin business from our portfolio.

在營收方面，我們繼續預計 5% 至 7% 的增長主要是由去年定價行動的結束以及我們在 2023 年採取的新定價行動推動的。我們預計有幾個因素會影響我們的銷量和產品組合今年的進程，包括與 2022 年一致的價格彈性，低於我們歷史上經歷過的水平，但符合當前環境；儘管考慮到 2022 年的需求波動水平，我們預計每個季度的影響都會有所不同，但預計受益於去年中國新冠肺炎相關中斷的影響，將帶來 1% 的收益；去年八月剝離我們的廚房基礎業務；去年第二季度我們退出了俄羅斯的消費者業務；最後，繼續從我們的投資組合中削減利潤率較低的業務。

We estimate the Americas Consumer segment DSD exit and the EMEA Flavor Solutions private label discontinuation to be approximately a 1% impact on the year, which began to impact us in the second quarter. As always, we plan to drive growth through the strength of our brands as well as our category management, brand marketing, new products and customer engagement plans.

我們估計美洲消費者細分市場 DSD 退出和 EMEA Flavor Solutions 自有品牌停產對今年的影響約為 1%，這在第二季度開始對我們產生影響。一如既往，我們計劃通過品牌實力以及品類管理、品牌營銷、新產品和客戶參與計劃來推動增長。

Our 2023 gross margin is projected to range between 50 to 100 basis points higher than 2022 compared to our prior guidance of 25 to 75 basis points. This gross margin expansion reflects a favorable impact from pricing, cost savings from our CCI-led and GOE programs and portfolio optimization, partially offset by the anticipated impact of a low to mid-teens increase in cost inflation. We expect cost pressures to be more than offset by pricing during the year, as we recover the cost inflation our pricing lagged the last 2 years.

我們 2023 年的毛利率預計將比 2022 年高出 50 至 100 個基點，而我們之前的指導為 25 至 75 個基點。毛利率的增長反映了定價、CCI 主導的成本節約和 GOE 計劃以及投資組合優化帶來的有利影響，但部分被成本通脹低至中位數增長的預期影響所抵消。我們預計，隨著成本通脹的恢復，我們的定價落後於過去兩年，年內的成本壓力將被定價所抵消。

Moving to adjusted operating income. First, let me walk through some discrete items and their expected impact to our 2023 adjusted operating profit growth. First, the cost savings from our GOE program are expected to have an 800 basis point impact. The savings from this program are expected to scale up as the year progresses. Next, the benefit of lapping the impact of COVID-related disruptions in China is expected to have a 300 basis point favorable impact. The Kitchen Basics divestiture is expected to have an unfavorable 100 basis point impact. And finally, an 800 basis point unfavorable impact is expected as we build back incentive compensation.

轉向調整後的營業收入。首先，讓我介紹一下一些離散項目及其對 2023 年調整後營業利潤增長的預期影響。首先，我們的 GOE 計劃預計將節省 800 個基點的成本。隨著時間的推移，該計劃的節省預計將擴大。接下來，考慮中國新冠肺炎相關中斷的影響預計將產生 300 個基點的有利影響。 Kitchen Basics 剝離預計將產生 100 個基點的不利影響。最後，當我們恢復激勵性薪酬時，預計會產生 800 個基點的不利影響。

The net impact of these discreet items is a favorable 200 basis points. This favorable impact, combined with expected 8% to 10% underlying business growth, which is driven by our improved operating momentum, results in our adjusted operating income projection of 10% to 12% compared to our previous guidance of 9% to 11%.

這些謹慎項目的淨影響是有利的 200 個基點。這一有利影響，加上我們改善的經營勢頭推動的預期 8% 至 10% 的基本業務增長，導致我們調整後的營業收入預測為 10% 至 12%，而之前的指導為 9% 至 11%。

In addition to the adjusted gross margin impacts I just mentioned, this projection also includes a low single-digit increase in brand marketing investments and our CCI-led cost savings target of approximately $85 million.

除了我剛才提到的調整後的毛利率影響之外，該預測還包括品牌營銷投資的低個位數增長以及我們由 CCI 主導的約 8500 萬美元的成本節約目標。

We continue to anticipate a meaningful step-up in interest expense driven by the higher interest rate environment, which will impact our floating debt. We estimate that our interest expense will range from $200 million to $210 million in 2023 spread evenly throughout the year.

我們繼續預計，在較高的利率環境的推動下，利息支出將出現有意義的增加，這將影響我們的浮動債務。我們估計，到 2023 年，我們的利息支出將在 2 億美元到 2.1 億美元之間，全年均勻分佈。

As a reminder, in 2022, we realized an $18 million favorable impact from optimizing our debt portfolio, which we will lap in the third quarter of 2023. The net impact of these interest-related items is expected to be an approximately 800 basis point headwind to our 2023 adjusted earnings per share growth.

提醒一下，2022 年，我們通過優化債務投資組合實現了 1800 萬美元的有利影響，我們將在 2023 年第三季度實現這一目標。這些與利息相關的項目的淨影響預計將是大約 800 個基點的逆風到 2023 年調整後每股收益的增長。

Our 2023 adjusted effective income tax rate is projected to be approximately 22% based upon our estimated mix of earnings by geography as well as factoring in a level of discrete impacts. Versus our 2022 adjusted effective tax rate, we expect this outlook to be a 100 basis point headwind to our 2023 earnings growth.

根據我們對各地區收入的估計組合以及考慮一定程度的離散影響，我們 2023 年調整後的有效所得稅率預計約為 22%。與我們 2022 年調整後的有效稅率相比，我們預計這一前景將對我們 2023 年的盈利增長構成 100 個基點的阻力。

To summarize, our 2023 adjusted earnings per share expectations reflect strong underlying business growth of 10% to 12% and a 2% net favorable impact from the discrete items I just mentioned impacting profit, the GOE program, the China recovery, the Kitchen Basics divestiture and the employee benefit cost rebuild, partially offset by the combined interest and tax headwind of 9%. This resulted in an expected increase of 3% to 5% or projected guidance range for adjusted earnings per share in 2023 of $2.60 to $2.65.

總而言之，我們的 2023 年調整後每股收益預期反映了 10% 至 12% 的強勁基礎業務增長，以及我剛才提到的影響利潤的離散項目、GOE 計劃、中國復甦、Kitchen Basics 剝離帶來的 2% 淨有利影響員工福利成本重建，部分被 9% 的利息和稅收逆風所抵消。這導致 2023 年調整後每股收益預計增長 3% 至 5%，或預計指導範圍為 2.60 美元至 2.65 美元。

Before turning it back to Brendan, I would like to recap the key takeaways I've seen on Slide 27. Our second quarter sales growth reflects sustained demand across our business and the effective execution of our strategies. Our pricing actions are in place, and our volume performance improved. We drove meaningful year-over-year margin expansion in both segments, underscoring our focus on profit realization.

在回到 Brendan 之前，我想回顧一下我在幻燈片 27 中看到的關鍵要點。我們第二季度的銷售增長反映了我們業務的持續需求以及我們戰略的有效執行。我們的定價行動已經到位，我們的銷量表現也有所改善。我們推動了這兩個領域的利潤率同比大幅增長，凸顯了我們對利潤實現的關注。

Our cost-savings programs are yielding results in line with our expectations. Our year-to-date results, combined with continued robust demand expectations and our actions to optimize our cost structure, bolster our confidence in delivering the strong operating performance projected in our enhanced 2023 outlook.

我們的成本節約計劃正在產生符合我們預期的結果。我們今年迄今的業績，加上持續強勁的需求預期以及我們優化成本結構的行動，增強了我們對實現 2023 年增強展望中預計的強勁經營業績的信心。

Thank you, Mike. Before we turn it over to Q&A, I would like to provide some additional comments. First, I would like to say I am truly honored and excited about the opportunity to lead this great company with its rich and very promising future.

謝謝你，邁克。在我們將其轉為問答之前，我想提供一些額外的評論。首先，我想說，我對有機會領導這家擁有豐富和充滿希望的未來的偉大公司感到非常榮幸和興奮。

Global demand for flavor remains the foundation of our sales growth, and we have intentionally focused on great fast-growing categories. Our alignment with long-term consumer trends, healthy and flavorful cooking, increased digital engagement, trusted brands and purpose-minded practices continues to create a tailwind for growth.

全球對香料的需求仍然是我們銷售增長的基礎，我們有意將重點放在快速增長的類別上。我們與長期消費趨勢的一致性、健康美味的烹飪、增加的數字參與度、值得信賴的品牌和有目的的實踐將繼續為增長創造動力。

McCormick is uniquely positioned to capitalize on this demand for great flavor. With the breadth and reach of our strong global flavor portfolio, we are delivering flavor experiences for every meal location. We are the global leader in flavor from end to end for our consumers and our customers.

味好美具有獨特的優勢，可以充分利用這種對美味的需求。憑藉我們強大的全球風味產品組合的廣度和覆蓋範圍，我們為每個用餐地點提供風味體驗。我們是為消費者和客戶提供端到端風味的全球領導者。

As we look ahead to the back half of the year, we will continue to focus on capitalizing on strong demand, optimizing our cost structure and positioning McCormick to deliver sustainable growth and long-term shareholder value. We have compelling growth plans in place, including building momentum with our new products and heat platform and are delivering on our commitment to increasing our profit realization. We are confident, with the successful execution of our plans and concrete actions, we will realize the profitable growth reflected in our updated 2023 financial outlook.

展望今年下半年，我們將繼續專注於利用強勁的需求，優化成本結構，並使味好美公司實現可持續增長和長期股東價值。我們制定了引人注目的增長計劃，包括利用我們的新產品和供熱平台打造動力，並兌現了增加利潤實現的承諾。我們有信心，通過成功執行我們的計劃和具體行動，我們將實現更新的 2023 年財務展望中反映的盈利增長。

The strength of our business model, the value of our products and capabilities and execution of our proven strategies further bolsters our confidence in our growth trajectory in both segments, particularly as the environment begins to normalize. Remaining relentless with our focus on growth, performance and people, combined with the compounding impact of our continued growth investments and alignment with consumer trends, underscores McCormick's position to deliver long-term differentiated growth.

我們業務模式的優勢、產品和能力的價值以及行之有效的戰略的執行進一步增強了我們對這兩個領域的增長軌蹟的信心，特別是在環境開始正常化的情況下。我們堅持不懈地關注增長、業績和人員，加上我們持續增長投資和與消費者趨勢保持一致的複合影響，凸顯了味好美公司實現長期差異化增長的地位。

Our fundamentals remain strong, and we expect to continue to not only deliver strong sales growth, but also drive total shareholder return at an industry-leading pace.

我們的基本面依然強勁，我們預計不僅將繼續實現強勁的銷售增長，還將以行業領先的速度推動股東總回報。

Importantly, I'd like to personally thank Lawrence for his mentorship and continued service to McCormick. On behalf of shareholders and employees, I want to recognize his outstanding leadership as CEO of this great company. Lawrence has been a transformational leader for McCormick, bringing our global flavor platform to life through his entrepreneurial spirit, innovative thinking and growth-oriented vision for the company.

重要的是，我要親自感謝勞倫斯對麥考密克的指導和持續的服務。我謹代表股東和員工，對他作為這家偉大公司首席執行官的傑出領導表示認可。勞倫斯一直是味好美公司的變革型領導者，通過他的創業精神、創新思維和以公司成長為導向的願景，將我們的全球風味平台變為現實。

During his time as CEO, we have grown sales over 50% and market capitalization more than doubled, creating significant shareholder value. We have prioritized investing to drive future growth, increased our profit realization, improved cash flow from operations and have returned more than $2.5 billion to shareholders.

在他擔任首席執行官期間，我們的銷售額增長了 50% 以上，市值增加了一倍多，創造了巨大的股東價值。我們優先考慮投資以推動未來增長，增加利潤實現，改善運營現金流，並向股東返還超過 25 億美元。

Lawrence is widely credited with embedding purpose-led performance into McCormick's culture by championing the company's industry-leading sustainability efforts, driving a period of tremendous growth, performance and expansion, including acquisitions of iconic brands like Frank's RedHot, French's, Cholula as well as FONA, and successfully leading McCormick through the unprecedented global pandemic. This is an enviable track record. Congratulations, and we look forward to your continued support as Executive Chairman.

勞倫斯因倡導公司行業領先的可持續發展努力，將目標導向的績效融入味好美文化中，推動了一段時期的巨大增長、業績和擴張，包括收購 Frank's RedHot、French's、Cholula 和 FONA 等標誌性品牌，因此受到廣泛讚譽。 ，並成功領導麥考密克度過了前所未有的全球大流行。這是令人羨慕的記錄。恭喜您，我們期待您作為執行主席繼續提供支持。

Now for your questions.

現在回答你的問題。

(Operator Instructions) Our first question comes from the line of Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的安德魯·拉扎爾（Andrew Lazar）。

Great. First, just wanted to congratulate both of you, Lawrence and Brendan, on last evening's announcement. I know McCormick puts a tremendous amount of effort into succession planning, and I'm sure this transition will go every bit as smoothly as previous ones.

偉大的。首先，我想祝賀勞倫斯和布倫丹昨晚宣布的消息。我知道味好美公司在繼任計劃上投入了大量的精力，並且我相信這次過渡會像之前的過渡一樣順利。

Well, thank you, Andrew. That's very kind of you to say that.

嗯，謝謝你，安德魯。你這麼說真是太好了。

Andrew, thank you very much for that as well. I'm glad you mentioned that McCormick does this very well. We pride ourselves on leadership development and succession planning, and the Board and I have been very thoughtful and deliberate in a multiyear process to get us to this point.

安德魯，也非常感謝你。我很高興你提到麥考密克在這方面做得很好。我們為領導力發展和繼任計劃感到自豪，董事會和我在多年的過程中經過深思熟慮和深思熟慮，才使我們達到了這一點。

Over the last few years, I've had a chance to partner with Brendan of many of our key initiatives, and his disciplined approach to delivering growth are leading the qualities you've come to expect from McCormick [make] of an ideal CEO for this company going forward. With his appointment to President last year, we were signaling this. And we have given all of you on this call and off this call an opportunity to get to know Brendan and see his qualities first hand.

在過去的幾年裡，我有機會與 Brendan 合作實施我們的許多關鍵舉措，他實現增長的嚴謹方法正在引領您所期望的麥考密克 (McCormick) 理想首席執行官的品質。這家公司正在向前發展。去年他被任命為總統，我們就發出了這樣的信號。我們為這次電話會議和電話會議之外的所有人提供了一個機會來了解布倫丹並親眼目睹他的品質。

Good stuff, good stuff. I've got just 2 questions. First one would be McCormick essentially flowed through the second quarter EPS upside to the full year, but also did not flow through any of the more significant upside in 1Q to the year.

好東西，好東西。我只有 2 個問題。第一個是味好美公司基本上通過第二季度每股收益的上漲流向全年，但也沒有通過第一季度的任何更顯著的上漲流向全年。

So I'm trying to get a sense whether this is simply some conservatism or is there something in the back half of the year that's changed, that requires either the need from our marketing or it's really just McCormick being sort of opportunistic on the increased marketing in 3Q.

因此，我試圖了解這是否只是某種保守主義，還是今年下半年發生了一些變化，這需要我們營銷的需要，或者實際上只是麥考密克在增加營銷方面投機取巧在第三季度。

Well, I'll say that, first of all, we are confident in our outlook for the back half of the year. There's a lot that's exciting within the business. We're pleased with our execution so far this year. The biggest part of the year still is in front of us. Third and fourth quarter are 2 largest quarters of the year. And so while we are optimistic, we also want to be prudent about what is still in front of us.

嗯，我想說，首先，我們對下半年的前景充滿信心。這個行業有很多令人興奮的事情。我們對今年迄今為止的執行情況感到滿意。今年最重要的部分仍在我們面前。第三季度和第四季度是一年中最大的兩個季度。因此，在我們樂觀的同時，我們也希望對我們面前的事情保持謹慎。

There are some puts and takes in the business overall. Our recovery in China has been a bit slower than we expected, and we have factored that into our guidance. Whereas for the most part, everything else is moving in the right direction, and we're quite positive.

總體而言，業務中有一些投入和投入。我們在中國的複蘇比我們預期的要慢一些，我們已將其納入我們的指導中。而在大多數情況下，其他一切都在朝著正確的方向發展，我們對此非常樂觀。

So we're not trying to signal anything. We did want to reflect the fact that we have had strong performance year-to-date in the increase in our guidance and to reflect -- reflecting that strong performance. But we also didn't want to get ahead of our -- get over the tips of our skis.

所以我們並不想發出任何信號。我們確實想反映這樣一個事實，即我們今年迄今為止在指導增長方面表現強勁，並反映了這一強勁表現。但我們也不想超越我們的滑雪板尖端。

And then second, as we think about the back half of the year and McCormick starting to lap some of the pricing, would your expectations still be that volume would turn positive? And if so, what would be the key drivers that give you the sort of a visibility to that?

其次，當我們考慮今年下半年和麥考密克開始調整一些定價時，您的預期是否仍然是銷量會轉為正值？如果是這樣，讓您了解這一點的關鍵驅動因素是什麼？

I'm going to say a few words about that, and I'm going to let Brendan pick it up. But as we have been saying all along, we expect our volume performance to improve as we go through the year and to be stronger in the second half versus the first half, and that outlook has not changed.

我要對此說幾句話，然後讓布倫丹來接。但正如我們一直以來所說的那樣，我們預計我們的銷量表現將隨著這一年的發展而改善，並且下半年將比上半年更強，而且這一前景沒有改變。

Given that we have slightly softer volumes in China in our outlook, we're -- we have a little bit less contribution from that part of the business. But in the second half, overall, as a company, we're expecting volumes to be very close to flat, call it, plus or minus 1%, and maybe we're talking about numbers that are really not meaningful and well within the range of forecast there.

鑑於我們的前景是中國的銷量略有下降，我們這部分業務的貢獻會稍微減少。但在下半年，總體而言，作為一家公司，我們預計銷量將非常接近持平，稱之為正負 1%，也許我們正在談論的數字實際上沒有意義，而且完全在那裡的預測範圍。

Just to build on that from a regional perspective, Andrew. In the Americas, yes, we're performing pretty much as planned. I think you have to look at sort of volume and price together when we take a look at the profile. But we're showing sequential improvement across the portfolio, and that's been fairly consistent sort of month-to-month and quarter-to-quarter so far.

只是從區域角度來看，安德魯。是的，在美洲，我們的表現幾乎按計劃進行。我認為當我們查看概況時，您必須同時考慮數量和價格。但我們顯示整個投資組合都在連續改善，到目前為止，每月和每季度的情況都相當一致。

And we also need to recognize that in the second quarter result, it does include kind of the exit of this DSD business, which, when you take that out, I think it kind of underscores Lawrence's kind of broader view of what we think is going to kind of unfold in the back half. But it is broadly an improvement versus the first.

我們還需要認識到，在第二季度的業績中，它確實包括 DSD 業務的退出，當你把它去掉時，我認為這在某種程度上強調了勞倫斯對我們認為正在發生的事情的更廣泛的看法在後半部分展開。但與第一個相比，它總體上是一個改進。

China, we think we're going to have a strong recovery. Also we're pretty confident in that, although it's a little bit less than just kind of a more gradual recovery than what we initially had planned for. So that's probably a little bit different than what we had been thinking about previously. But nevertheless, it is still a strong recovery.

中國，我們認為我們將會強勁復甦。我們對此也非常有信心，儘管這比我們最初計劃的複蘇要稍微少一些。所以這可能與我們之前的想法有點不同。但儘管如此，這仍然是一個強勁的複蘇。

And I would say, in EMEA, we're pretty pleased with the performance on volume. And when you factor out the elements of Russia exit or overall, the underlying volume and mix when you exclude that was really actually pretty nice. So we're pleased to see that we have some volume growth, despite those things in the EMEA region.

我想說，在歐洲、中東和非洲地區，我們對銷量表現非常滿意。當你排除俄羅斯退出或整體的因素時，當你排除這些因素時，潛在的數量和組合實際上非常好。因此，我們很高興看到我們的銷量有所增長，儘管歐洲、中東和非洲地區出現了這些情況。

On to the whole idea of this, just to provide more color on this DSD exit, I would say that this is a business that we've been trying to kind of improve over time. And what we see from it is that this is the DSD portion that we deliver to store. We also have a warehouse and distribution delivery that we would handle. And yes, that was a business that just simply wasn't profitable, and we decided we need to exit, but it was a meaningful chunk, I think, out of the second quarter, about 2 points. So as we transition away from that business, it will probably be an impact for the rest of the year, but something that we had planned for.

就整個想法而言，只是為了在 DSD 退出上提供更多色彩，我想說這是一項我們一直在努力隨著時間的推移而改進的業務。我們從中看到的是，這是我們交付給商店的 DSD 部分。我們還有一個倉庫和我們可以處理的配送。是的，這是一項根本無法盈利的業務，我們決定需要退出，但我認為，這是一個有意義的部分，在第二季度中，大約是 2 個百分點。因此，當我們從該業務轉型時，這可能會對今年剩餘時間產生影響，但這是我們已經計劃好的。

Our next question comes from the line of Ken Goldman with JPMorgan.

我們的下一個問題來自肯·戈德曼（Ken Goldman）與摩根大通的對話。

My sincere congratulations as well, Lawrence, Brendan and Kasey, too. Everyone's moving up in the world. It's great to see. I think I'm contractually obligated after yesterday to ask how you're feeling about, I guess, your customers' inventory levels in general and if you're sensing maybe any risk of a retail safety stock deload or anything similar as your supply chain continues to normalize and get back to where it was.

我也衷心祝賀勞倫斯、布倫丹和凱西。每個人都在世界上進步。很高興看到。我認為根據合同規定，昨天之後我有義務詢問您對客戶庫存水平的總體感受，以及您是否感覺到零售安全庫存減少或與您的供應鏈類似的任何風險繼續正常化並回到原來的狀態。

Brendan, why don't you take that one?

布倫丹，你為什麼不拿那個呢？

Ken, thanks for the question. We're not experiencing anything unusual or significant in trade inventory destocking. Honestly, there's really not much drama in the quarter for us on this. The difference between our sales and consumption was more attributable to just the retail sell-through of the discontinued items, and the point I just made regarding DSD is an example of that.

肯，謝謝你的提問。我們在貿易庫存去庫存方面沒有遇到任何異常或重大的情況。老實說，本季度我們在這方面確實沒有太多戲劇性的事情。我們的銷售和消費之間的差異更多地歸因於停產商品的零售銷售量，我剛才關於 DSD 的觀點就是一個例子。

But also, we have higher listing fees this quarter just due to the fact that we're launching more new products. And so I think you see that in lot of our dialogue in terms of Cholula or Grill Mates items for grilling or at Tabitha Brown line. So we definitely had that. But as we anticipated, our alignment between consumption and shipment is normalizing. There's not really anything unusual going on in this quarter.

而且，由於我們推出了更多新產品，本季度我們的上市費用更高。所以我想你在我們的很多對話中都看到了這一點，涉及 Cholula 或 Grill Mates 燒烤產品或 Tabitha Brown 系列。所以我們肯定有這個。但正如我們預期的那樣，我們的消費和運輸之間的一致性正在正常化。本季度並沒有發生任何異常情況。

And I'll underscore that. Our service levels had been pretty solid for quite a while now, so retailers have had plenty of time to adjust their stock levels and so on. So this actually seems like something that, over the past 1.5 years, has already occurred for us.

我要強調這一點。我們的服務水平在相當長一段時間內一直相當穩定，因此零售商有足夠的時間來調整庫存水平等。所以這實際上看起來像是在過去 1.5 年裡我們已經發生過的事情。

Got it. And then just as a quick follow-up. I wanted to ask a little bit about -- the commentary about Europe and -- in the consumer side. Maybe some of the softness you're seeing with your -- or sorry, the Flavor Solutions side.

知道了。然後作為快速跟進。我想問一些關於歐洲和消費者方面的評論。也許你在你的——或者抱歉，風味解決方案方面看到了一些柔軟的東西。

And just how you're seeing that progress as we go into the current quarter, is it still worsening? Just trying to get a sense for how some of your larger customers, whether it be food, beverage or QSR, are performing as the year progresses.

當我們進入本季度時，您如何看待這一進展，情況是否仍在惡化？只是想了解一些較大的客戶（無論是食品、飲料還是 QSR）在這一年中的表現如何。

Ken, on the Flavor Solutions side of our business in EMEA, definitely, it's been softer than what we would have expected, I think, mostly because we're just seeing a slowing of consumer demand from our customers. And that would be both sort of food and beverage and -- but I would say, it's most coming through the quick-serve restaurant customer channel.

Ken，在我們歐洲、中東和非洲業務的風味解決方案方面，我認為，肯定比我們預期的要軟，這主要是因為我們看到客戶的消費需求正在放緩。這既是食品和飲料，但我想說，它大部分來自快餐店客戶渠道。

And that -- we think it's really more of a reflection of what we see happening and what's being reported, I think, in terms of overall inflationary impact in EMEA, specifically Europe. But definitely, as we kind of noted in the remarks leading into the call here, that is something that is probably more affecting our overall volume rate in the EMEA region.

我們認為這實際上更多地反映了我們所看到的情況和正在報導的情況，我認為，就歐洲、中東和非洲地區（特別是歐洲）的整體通脹影響而言。但毫無疑問，正如我們在電話會議前的講話中指出的那樣，這可能對我們在歐洲、中東和非洲地區的整體成交量影響更大。

I think, too, just to add a little color on the volume there, about 1/3 of that decrease in volume is due to the exit of that private label to the service lines. So again, that's another portfolio optimization.

我也認為，只是為那裡的數量添加一點顏色，大約 1/3 的數量減少是由於該自有品牌退出服務線。再說一遍，這是另一個投資組合優化。

Yes. And that exit was actually contemplated in our plans from the beginning of the year. For customer relations reasons, we couldn't be specific about that, but that is not a surprise to us.

是的。事實上，我們從年初就在計劃中考慮退出。出於客戶關係的原因，我們無法具體說明這一點，但這對我們來說並不奇怪。

Our next question comes from the line of Peter Galbo with Bank of America.

我們的下一個問題來自美國銀行的 Peter Galbo。

Congratulations again to Brendan and to Lawrence.

再次祝賀布倫丹和勞倫斯。

Thank you.

謝謝。

Thanks, Peter.

謝謝，彼得。

Thank you for the commentary, I guess, on the exit of DSD. I think it's helpful, particularly in the context of some questions we've been getting this morning around the Consumer business. So appreciate that.

我想，謝謝您對 DSD 退出的評論。我認為這很有幫助，特別是考慮到我們今天早上收到的有關消費者業務的一些問題。所以很感激。

I guess maybe what I wanted to pick up on in Americas Consumer, specifically some of your comments around grilling. You do obviously have pretty easy compares from last year just given where kind of protein prices were. So curious just kind of what you saw coming out of Memorial Day, what you're expecting over the course of the summer. Obviously, you have some specific things that you're working on, but anything you can help with us there.

我想也許我想在《美洲消費者》中了解到什麼，特別是您對燒烤的一些評論。顯然，只要考慮到蛋白質價格的情況，就可以很容易地與去年進行比較。很好奇你在陣亡將士紀念日看到了什麼，你在整個夏天期待什麼。顯然，您正在處理一些具體的事情，但是您可以為我們提供任何幫助。

Thanks for the question, Peter. We're off to a really good start on grilling for this summer season, and we definitely saw that as a good start in Q2. A lot of it's really driven by just -- if you think about, we have a solid innovation plan, I think, for the grilling season. We're launching some new grilling items. Plus we're also in just really much healthier supply on mustard and Frank's RedHot.

謝謝你的提問，彼得。我們在今年夏季的燒烤方面有了一個非常好的開始，我們肯定認為這是第二季度的一個良好的開始。其中很多實際上是由——如果你想一想，我認為我們有一個針對燒烤季節的可靠的創新計劃。我們正在推出一些新的燒烤產品。另外，我們還提供非常健康的芥末和弗蘭克紅辣醬供應。

And these are areas in Lawry’'s marinades, where if we look at last year and before that, certainly, we're coming on top of now a period of where we just have really full supply -- assured supply for our customers. And we're turning back on normal promotional activity on the business.

這些是勞裡醃泡汁的區域，如果我們看看去年和之前的情況，當然，我們現在正處於一個供應充足的時期——為我們的客戶提供有保證的供應。我們將恢復正常的業務促銷活動。

So we feel like all of those things put together, innovation, supply, getting back to the way you want to run a season on grilling, we have a really good start to the year. And as we look at it kind of from a share standpoint, we really probably performed quite well, kicking off in the second quarter. So all those things come together, I think, for a great start to the summer season.

所以我們覺得所有這些東西放在一起，創新，供應，回到你想要的燒烤季節的方式，我們今年有一個非常好的開始。當我們從股票的角度來看時，我們的表現可能確實相當不錯，從第二季度開始。我認為，所有這些因素結合在一起，將為夏季帶來一個良好的開端。

Great. No, that's helpful. And maybe just a question for Mike around kind of the gross margin guidance, just where you've covered in the first half of the year, kind of what it implies about the back half. Maybe there's some conservatism in there. But I did notice you kind of didn't change the inflation guide. Maybe just help us kind of think about that over the balance of the year.

偉大的。不，這很有幫助。也許只是邁克的一個關於毛利率指導的問題，就像你在上半年所涵蓋的那樣，這對下半年意味著什麼。也許這裡面有一些保守主義的成分。但我確實注意到你並沒有改變通脹指南。也許只是幫助我們在今年剩下的時間裡思考這個問題。

Yes. I mean, for the year, Peter, as you know, we did raise our guidance on gross margin, 25 to 75 basis points to 50 to 100. So we reflected some of the increased pricing realization we talked about in the call. We're really, really doing well in our GOE program and realizing those savings and those ramp up within the second half.

是的。我的意思是，彼得，正如你所知，今年我們確實提高了毛利率指導，從 25 到 75 個基點提高到 50 到 100 個基點。因此，我們反映了我們在電話會議中談到的一些定價實現的增加。我們的 GOE 計劃確實做得非常好，並在下半年實現了這些節省和增加。

The thing about the second quarter, that 300 basis point improvement, second quarter last year was our worst performance of the year. You'll see improvements in the back half in basis points versus last year, but they won't be as big as the 300 we had in the second quarter.

關於第二季度的事情，去年第二季度 300 個基點的改善是我們今年表現最差的。與去年相比，你會看到後半段的基點有所改善，但不會像第二季度的 300 基點那麼大。

Got it. Mike, maybe -- go ahead.

知道了。邁克，也許——繼續吧。

Go ahead. Finish this line of questions.

前進。完成這一行問題。

Sure. Yes, Mike, maybe -- understanding maybe not the same magnitude of year-over-year change. But sequentially, margins tend to still improve in the back half of the year. So just curious kind of how you're thinking about that. .

當然。是的，邁克，也許——理解的同比變化幅度可能不一樣。但從順序來看，下半年的利潤率仍趨於改善。所以只是好奇你是如何看待這個問題的。 。

I mean, based on the mix of our business, generally, the back half does have higher margins, especially the fourth quarter. Our implied guidance has high of almost 90 basis points improvement and low is 0. So you get a little bit of a squeeze factor there.

我的意思是，根據我們的業務組合，一般來說，後半段的利潤率確實較高，尤其是第四季度。我們的隱含指引最高有近 90 個基點的改善，最低為 0。所以你會得到一點擠壓因素。

But if we continue to have success, and again, we see that ramp up in the second half, China is going to have a really strong recovery in Q4, that's a positive for us. We have scale over there and we have good margins.

但如果我們繼續取得成功，我們會再次看到下半年的增長，中國將在第四季度實現真正強勁的複蘇，這對我們來說是積極的。我們在那裡有規模並且有很好的利潤。

I mean, we're quite optimistic with continued gross margin improvement and operating profit margin improvement as we go through the year and going forward.

我的意思是，我們對今年和未來毛利率和營業利潤率的持續改善感到非常樂觀。

I guess, Lawrence said, everything is moving in the right direction.

勞倫斯說，我想，一切都在朝著正確的方向發展。

Peter, I'm not sure that we -- I know that you've got some interest in the DSD exit, so I just want to spend a second with you and elaborate on that. This is a range of very -- there are a lot of units, but they're very low value. We're -- these are cello bags spices and dried peppers in cello bags that largely moved through unscanned channels. And we've had the DSD business in that, that we've banged our head against for a long time and we've chosen as part of optimizing our portfolio, improving the profit performance to exit that.

Peter，我不確定我們——我知道您對 DSD 退出感興趣，所以我只想花一點時間與您詳細說明這一點。這是一系列非常——有很多單位，但它們的價值非常低。我們 - 這些是大提琴袋香料和大提琴袋中的干辣椒，大部分通過未掃描的渠道運輸。我們已經擁有 DSD 業務，我們已經對此進行了很長一段時間的努力，我們選擇作為優化我們的投資組合的一部分，提高利潤績效來退出該業務。

That part of the business, we still sell those same brands through the warehouse to major customers where, because of the difference in the distribution channel, the margins are attractive and more -- and the business is worth staying in. But the DSD portion of it was just not a moneymaker. It's a lot of units, but not a lot of value.

這部分業務，我們仍然通過倉庫向主要客戶銷售相同品牌的產品，由於分銷渠道的差異，利潤很有吸引力，而且更多——而且該業務值得保留。它只是不賺錢。雖然數量很多，但價值並不高。

Our next question comes from the line of Alexia Howard with Bernstein.

我們的下一個問題來自亞歷克西婭·霍華德和伯恩斯坦的對話。

Congratulations all around. Okay. First question, regaining lost distribution in U.S. retail channels. It seems to me that there were a number of smaller retailers that ended up -- you ended up losing distribution at during those supply chain disruptions. As you start to rebuild that distribution, what innings are we in? And are you able to quantify how much of a tailwind that could be over the next year to 18 months?

恭喜四方。好的。第一個問題，奪回美國零售渠道失去的分銷渠道。在我看來，有許多規模較小的零售商最終在供應鏈中斷期間失去了分銷渠道。當您開始重建該分佈時，我們處於第幾局？您能否量化未來一年到 18 個月內可能帶來的推動力有多大？

Well, Alexia, thank you for the question on TDPs and overall distribution. First of all, I'd like to say, we continue to make really good progress year-to-date. And as we look at our performance and our trends and all the different metrics we look at, we're happy to see that come through as a positive, especially in the second quarter.

好吧，Alexia，感謝您提出有關 TDP 和總體分配的問題。首先，我想說，今年迄今為止，我們繼續取得了很好的進展。當我們審視我們的業績、趨勢以及我們關注的所有不同指標時，我們很高興看到這是積極的，尤其是在第二季度。

And we do expect to see continued progress as we go into the back half. We have some significant improvements that we know will start to come online just because as customers reset their shelves, and those things start to happen, a lot of the wins that we get through category management and all of that, really important effort we put forth in terms of helping the retailer guide the category.

我們確實希望在進入後半段時看到持續的進展。我們有一些重大的改進，我們知道這些改進將開始上線，因為當顧客重新調整貨架時，這些事情開始發生，我們通過品類管理獲得了很多勝利，所有這些都是我們付出的非常重要的努力在幫助零售商引導品類方面。

We know that there's going to be some helpful improvements coming through on that as we go to the back half. I'm reluctant to kind of quantify all that as we think about that into the back half of '23 and all the way into '24. But this is an effort, as we've said before, that we're going to continue to be working on over the course of not only this year, but also next year.

我們知道，當我們進入後半部分時，將會出現一些有用的改進。當我們考慮到 23 年後半段以及一直到 24 年時，我不願意量化所有這些。但正如我們之前所說，這是一項努力，我們不僅在今年而且在明年都會繼續努力。

And as we look at overall distribution, know that we're not going to get all of that back into the overall points because almost half of that was discontinuations originally. So we feel really good about our progress right now on an overall distribution points, and it should continue to improve as we go through '23 and also in '24.

當我們查看總體分佈時，要知道我們不會將所有這些都重新納入總體點，因為其中幾乎一半最初是停產的。因此，我們對目前在整體分發點方面取得的進展感到非常滿意，並且隨著我們進入 23 年和 24 年，它應該會繼續改進。

And Alexia, as I said on our last quarterly call, we have a tremendous amount of innovation. And on top of that, the restoration of our U.S. Everyday spice line starting to hit the market in Q2 and building through the second half of the year. All of those hands on the shelf give us opportunities to get a more advantageous set and to get a greater amount of distribution on the shelf.

Alexia，正如我在上一季度電話會議上所說，我們擁有大量創新。最重要的是，我們的美國日常香料系列的恢復從第二季度開始進入市場，並持續到今年下半年。所有這些貨架上的手都讓我們有機會獲得更有利的組合併在貨架上獲得更多的分配。

We have a number of major customer wins that we talked about in the first quarter that are actually going on shelf in Q3, which should further build on TDP. So we're pretty confident we're going to continue to see improvement in those areas we have through the year.

我們在第一季度談到了許多主要客戶的贏得，這些客戶實際上將在第三季度上架，這應該進一步建立在 TDP 的基礎上。因此，我們非常有信心在這一年中我們將繼續看到這些領域的進步。

And then with our brand marketing, we're going to be mid-single-digit increase in the second half. A lot of that's going to go into the third quarter really to support those plans.

然後，通過我們的品牌營銷，我們將在下半年實現中個位數的增長。其中很大一部分將進入第三季度，真正支持這些計劃。

Great. And as a follow-up, can you just give us an overview of the onetime costs that are going to be eliminated by 2024? I seem to remember you have 2 plants running in the U.K. As you transition there, there's co-manufacturing cost here in the U.S. Just a sort of idea of how much more there is to come out that's onetime from recent events.

偉大的。作為後續行動，您能否向我們概述一下到 2024 年將消除的一次性成本？我似乎記得你們在英國有兩家工廠正在運營。當你們過渡到那裡時，美國這裡有聯合製造成本。這只是最近發生的事件中一次性產生的結果的一種想法。

Okay. Let me think about that. So you're referring to -- we have dual running costs in our EMEA region due to our new large facility over there. I think I'm pretty sure I said in the last call, we're around $20 million for this year, which is about the same as last year.

好的。讓我考慮一下。所以你指的是——由於我們在那里新建了大型設施，我們在歐洲、中東和非洲地區有雙重運營成本。我想我很確定我在上次電話會議中說過，今年我們的預算約為 2000 萬美元，與去年大致相同。

We're still going to have some cost next year because it's going to go into the first and second quarter, the transition, because these are large manufacturing facilities. So if I were winging it, I'd say half of that is going to go away, but I'm going to be off, depending on the exact timing.

明年我們仍然會有一些成本，因為它將進入第一季度和第二季度的過渡期，因為這些都是大型製造設施。因此，如果我即興發揮，我會說其中一半將會消失，但我會離開，具體取決於確切的時間。

And of course, our GOE program continues next year.

當然，我們的 GOE 計劃明年還將繼續。

Yes, yes. We'll see a nice wrap into 2024 from that.

是的是的。我們將看到 2024 年有一個美好的結局。

Our next question comes from the line of Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯（Steve Powers）。

Congratulations to everyone as well from me. My questions -- okay. Two questions both related to Flavor Solutions. The first one, in part as a follow-up to the topic that Ken Goldman had raised, just around inventory dynamics. We've heard various discussions of potential customer destocking from a Flavor Solutions perspective as well from different pockets of the industry. I was just curious to see if that's at all impacting you or if you expect it to impact the business over the second half of the year.

我也向大家表示祝賀。我的問題——好吧。有兩個問題都與風味解決方案相關。第一個是肯·戈德曼提出的主題的後續部分，圍繞庫存動態。我們從風味解決方案的角度以及行業的不同領域聽到了關於潛在客戶去庫存的各種討論。我只是很好奇這是否會對您產生影響，或者您預計它是否會影響下半年的業務。

Steve, thanks for the question. As it relates to our Flavor Solutions business, when we look at overall, our volume mix profile on it, and taking into account sort of the exit discussions that we've already had and other impacts, we think our volume profile right now reflects kind of the categories that we choose to really focus in on like performance nutrition and seasonings and health and nutrition. These are areas that we still see a lot of healthy growth in, and those have been intentionally kind of key area of growth and focus for us.

史蒂夫，謝謝你的提問。由於它與我們的風味解決方案業務相關，當我們總體來看，我們的銷量組合概況，並考慮到我們已經進行的退出討論和其他影響時，我們認為我們現在的銷量概況反映了我們選擇真正關注的類別，例如功能營養和調味品以及健康和營養。這些領域我們仍然看到了很多健康的增長，並且這些領域一直是我們有意增長和關注的關鍵領域。

And so I don't know that we're -- and I won't be able to comment specifically on any particular customer activity, but we believe our volume profile kind of reflects more of that composition of our business. And I'm not sure that we're seeing any broad restocking discussions that we have with customers at this point in time.

因此，我不知道我們是——而且我無法對任何特定的客戶活動進行具體評論，但我們相信我們的銷量概況更多地反映了我們業務的構成。我不確定我們目前是否看到與客戶進行的任何廣泛的補貨討論。

I'll also have to say that a lot of customer wins and believe we're gaining share in this space, and so that is a positive contributor for us as well.

我還不得不說，很多客戶都贏得了勝利，並相信我們正在這個領域獲得份額，因此這對我們來說也是一個積極的貢獻。

And a lot of our growth in Flavor Solutions comes from innovations, too. And those are the things that really drive volume and margin in Flavor Solutions.

我們在風味解決方案方面的許多增長也來自創新。這些才是真正推動風味解決方案銷量和利潤的因素。

Okay. Great, great. And then my second question, actually, a good segue, is on the margin front, just because you continue to trend well ahead of at least our expectations year-to-date on Flavor Solutions margin recovery.

好的。很棒很棒。然後我的第二個問題，實際上，一個很好的延續，是在利潤率方面，只是因為你的趨勢繼續遠遠領先於我們今年迄今為止對風味解決方案利潤率恢復的預期。

And I guess, if you think about that forward, maybe I was wondering if you could just frame for us how much -- or whether you expect further progress on that front in the second half. And then any updates as to how the progress you are making here year-to-date influences how you think about that build back to pre-pandemic levels or higher as you look out over the longer time -- longer term?

我想，如果你考慮到這一點，也許我想知道你是否可以為我們框架多少，或者你是否期望下半年在這方面取得進一步進展。然後，當您展望更長時間（更長期）時，有關您今年迄今取得的進展如何影響您對恢復到大流行前水平或更高水平的看法的任何更新？

Yes. I mean, I'd say, one, we're very pleased with our margin progress. As we've said on the call, a lot of -- everything is moving in the right direction. The GOE program, portfolio optimization, things like that are helping both the Consumer and Flavor Solutions side. Like I said in the last call, pre-pandemic, we were -- our Flavor Solutions margins were a little over 14%. We don't look at that as a ceiling, however. Longer term, with portfolio migration, we think we will go higher.

是的。我的意思是，我想說，第一，我們對利潤率的進步感到非常滿意。正如我們在電話中所說，很多事情都在朝著正確的方向發展。 GOE 計劃、產品組合優化等都為消費者和風味解決方案方面提供了幫助。正如我在上次電話會議中所說，在疫情爆發之前，我們的風味解決方案利潤率略高於 14%。然而，我們並不認為這是上限。從長遠來看，隨著投資組合遷移，我們認為我們會走得更高。

Short term-wise, we have strong belief we'll get back to 14%. It's not going to be this year, but we're going to see sequential improvement. And quarter-to-quarter, there will be lumpiness based on run cost and -- a good running cost, things like that. So -- but we had a really good second quarter. It was an easy comp compared to Q2 of last year, but we're pretty bullish on Flavor Solutions' recovery.

短期來看，我們堅信我們會回到 14%。今年不會是這樣，但我們會看到連續的改進。每個季度，都會出現基於運行成本的波動，以及良好的運行成本，諸如此類的事情。所以——但我們第二季度的表現非常好。與去年第二季度相比，這是一個簡單的比較，但我們非常看好風味解決方案的複蘇。

And I will just add to that, just if I can step it up to the total company level. It's hard not to be excited about the 200 to 300 basis point expansion in operating margin that we had this quarter. We're really moving in the right direction in both of our segments in a big way. And you've all seen that we raised an OP guidance for the year. It's long term on the back of that margin improvement. And we're very pleased and -- yes we're pleased with our progress in this area.

如果我能將其提升到整個公司的水平，我將對此進行補充。我們很難不對本季度營業利潤率增長 200 到 300 個基點感到興奮。我們在這兩個領域確實都在朝著正確的方向邁進。你們都已經看到我們提出了今年的運營指引。利潤率改善是長期的。我們非常高興——是的，我們對我們在這一領域取得的進展感到高興。

Our next question comes from the line of Max Gumport with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的馬克斯·岡波特 (Max Gumport)。

Congrats, everyone. I want to return to the gross margin question with regard to the second half. So it was nice to see the better-than-expected gross margin expansion in the quarter. And when I look at the updated guidance range, it would seem to imply that versus pre-pandemic basis. So whether that means fiscal year '18 or fiscal year '19 that we actually see some reversion in your progress towards gross margin recovery.

恭喜大家。我想回到下半年的毛利率問題。因此，很高興看到本季度的毛利率擴張好於預期。當我查看更新的指導範圍時，這似乎意味著與大流行前的基礎相比。因此，無論這意味著 18 財年還是 19 財年，我們實際上都看到毛利率恢復的進展有所逆轉。

I'm trying to tie what's implied by that guidance range versus what we're hearing in terms of cost savings ramping up, pricing catching up to inflation, supply chain improving, all of which I would have thought could lead to gross margin continuing to move closer to pre-pandemic levels as we go through the year. And I do recognize that 3Q and 4Q are big quarters for you, and there's probably some prudence embedded in this outlook. But I just wanted to get some clarity on that point.

我試圖將這一指導範圍的含義與我們所聽到的成本節約增加、定價追趕通脹、供應鏈改善聯繫起來，我認為所有這些都可能導致毛利率繼續上升隨著這一年的到來，我們將更加接近大流行前的水平。我確實認識到，第三季度和第四季度對你們來說是重要的季度，這種前景可能包含一些謹慎的成分。但我只是想澄清這一點。

Yes. I mean, what you have to remember, Max, is when you're pricing to cover cost over a multi-year time, you're going to have a large dilution impact just due to the math. And we said before, I mean, that has been a large headwind last year, but I think we quantified in the 200 to 300 basis point range as the margin line. We haven't talked about it much this year, but we're still having some of that. We will get that back over time, as we said, through our CCI programs, more normal cost inflation in the future.

是的。我的意思是，麥克斯，你必須記住的是，當你定價以覆蓋多年的成本時，僅僅由於數學的原因，你就會產生巨大的稀釋影響。我們之前說過，我的意思是，去年這是一個很大的阻力，但我認為我們在 200 到 300 個基點範圍內量化了利潤線。今年我們沒有太多談論這個問題，但我們仍然有一些。正如我們所說，隨著時間的推移，我們將通過我們的 CCI 計劃恢復這一點，未來將實現更正常的成本通脹。

So it's hard to compare the 4 years ago to gross margin at this point, but a lot of that is dilution, but we see an upward trajectory as we see in the second quarter. That's the important thing. What makes me really excited is even with over -- we're catching up on the pricing we've underrecovered the last 2 years. Even with that -- that is a negative dilution impact. Even with that, we're showing gross margin impact a positive based on the GOE program, like our CCI programs. So that really gives us confidence going forward.

因此，目前很難將 4 年前的毛利率與毛利率進行比較，但其中很大一部分是稀釋，但我們看到了第二季度的上升軌跡。這才是重要的事情。讓我真正興奮的是，即使超過 - 我們正在追趕過去兩年恢復不足的定價。即便如此，這也是一種負面的稀釋影響。即便如此，我們仍根據 GOE 計劃（如我們的 CCI 計劃）顯示出積極的毛利率影響。這確實給了我們前進的信心。

Got it. Understood. And then turning to the recovery in your TDPs and U.S. spices and seasoning, so it's been nice to see that, and the scanner data that we all track, and it does seem to be approaching sort of flat year-over-year performance. But we're not seeing a pickup in dollar share yet as significantly.

知道了。明白了。然後轉向 TDP 和美國香料和調味料的複蘇，所以很高興看到這一點，以及我們都跟踪的掃描儀數據，它似乎確實接近於同比表現持平。但我們還沒有看到美元份額大幅上升。

And I would think there should be some natural lag because as you get the distribution points, maybe then you can start to advertise and bring back the brand building more fully, as you've flagged today. Is that the right way to think about it? Should we start to see a more full improvement in dollar share as we move through the year in terms of the trends?

我認為應該有一些自然的滯後，因為當你獲得分銷點時，也許你可以開始做廣告並更全面地恢復品牌建設，正如你今天所標記的那樣。這是正確的思考方式嗎？隨著這一年的趨勢發展，我們是否應該開始看到美元份額的更全面改善？

Just like we've seen in our current trends, Max, sequential sales unit and volume improvement across the portfolio, and even specifically within spices and extracts in the Americas, we do think that reflects kind of those long-term tailwinds of our categories, but also our growth plans.

就像我們在當前趨勢中看到的那樣，整個產品組合的最大、連續銷售單位和銷量的改善，甚至特別是在美洲的香料和提取物中，我們確實認為這反映了我們類別的長期推動力，還有我們的增長計劃。

So we continue to invest in brand marketing, really focused category management and innovation, and that allows us to kind of focus on those volumes and that sustainable growth and also get that compounding effect of those investments.

因此，我們繼續投資於品牌營銷、真正專注的品類管理和創新，這使我們能夠專注於這些銷量和可持續增長，並獲得這些投資的複合效應。

So yes, I do expect that profile to improve as we go through the back half. As you called out reasonably, the improvement in TDP, we should also then start to see an improvement overall as we think about dollar share. And so that is a reasonable thing I think to look out for.

所以，是的，我確實希望在我們進入後半段時，這種形象會有所改善。正如您合理地指出的，TDP 的改善，當我們考慮美元份額時，我們也應該開始看到整體的改善。所以我認為這是一個值得關注的合理的事情。

What is driving our performance right now, and we think will, as we continue moving forward is increased distribution, brand marketing, category management and innovation, and we also see a similar trend on this in Europe. So these are areas that we continue to put a lot of focus up against. And I would say our outlook is, as everyone has said so far this morning, I guess, I'm going to say it, too, everything is moving in the right direction. So we feel that same way about our external performance off shelf.

目前推動我們業績增長的因素是分銷、品牌營銷、品類管理和創新的增加，而且我們認為隨著我們繼續前進，這將會持續下去，我們在歐洲也看到了類似的趨勢。因此，這些是我們繼續重點關注的領域。我想說，我們的前景是，正如今天早上到目前為止每個人都所說的那樣，我想，我也會說，一切都在朝著正確的方向發展。因此，我們對現成的外部表現也有同樣的感覺。

And I don't want to miss that there are big -- as noted, but I don't want anyone to miss it. And we've got share gains in Europe. We've got share gains in, I don't know if you guys mentioned it, in Australia and Asia. And we have share gains in our other categories, the spices and seasonings, certainly in the U.S.

我不想錯過有大事——如前所述，但我也不希望任何人錯過它。我們在歐洲的份額也有所增長。我不知道你們是否提到過，我們在澳大利亞和亞洲的份額有所增長。我們在其他類別、香料和調味料方面也取得了份額增長，尤其是在美國。

It is certainly an important area of focus and justifiable. So we're confident that we're going to get there. We're following the same playbook, as we've said at CAGNY, that we did for recipe mixes and believe that we're going to get to the same result.

這當然是一個重要的重點領域，也是有道理的。因此，我們有信心能夠實現這一目標。正如我們在 CAGNY 所說的那樣，我們遵循相同的劇本，我們對配方混合所做的，並相信我們會得到相同的結果。

Our next question comes from the line of Adam Samuelson with Goldman Sachs.

我們的下一個問題來自高盛的亞當·薩繆爾森。

Yes. Let me add my congratulations to Lawrence, Brendan and the whole team. I guess, just first, making sure -- there's a lot of ground that have been covered today. If you think about some of the cadence of earnings and margins, just the headwinds on a year-on-year basis from kind of -- from incentive comp, how much of that has actually been realized in the first half as we think about layering that into the back half of the year?

是的。讓我向勞倫斯、布倫丹和整個團隊表示祝賀。我想，首先要確保今天已經涵蓋了很多內容。如果你考慮一下收益和利潤率的一些節奏，只是來自激勵補償的同比逆風，當我們考慮分層時，其中有多少實際上在上半年實現了到下半年嗎？

And then, again, maybe coming back to this question on gross margins, the sequential cadence, I mean, historically, second half gross margins would be higher than the first -- particularly in the fourth quarter given that's your biggest volume quarter. It doesn't seem to imply -- so the guidance doesn't seem to imply much gross margin improvement in the second half from where you were in the second quarter.

然後，也許回到毛利率這個問題，連續的節奏，我的意思是，從歷史上看，下半年的毛利率將高於上半年——特別是在第四季度，因為這是你們銷量最大的季度。這似乎並不意味著——所以該指導似乎並不意味著下半年的毛利率比第二季度有太大改善。

And I'm just trying to make -- is that just mix between the different business units or just a conservatism? Is there something on price cost and mix in there that I'm -- that we're missing? I'm just -- usually, there's a bigger step-up certainly in the fourth quarter. It doesn't seem to be implied even at the high end of the guidance range.

我只是想弄清楚——這只是不同業務部門之間的混合還是只是一種保守主義？在價格成本和混合方面，我們是否遺漏了一些東西？我只是——通常情況下，第四季度肯定會有更大的進步。即使在指導範圍的高端，這似乎也沒有暗示。

Yes. Like we said last call on SG&A, I mean, on incentive build back, it's mostly in the second half because the second -- if you remember back to the second quarter of last year, it was really difficult quarter, as I mentioned before. So we were obviously making adjustments to incentive comp there. So some of that did come through in Q2, but the majority of it is second half back loaded.

是的。就像我們上次關於SG&A的電話會議所說的那樣，我的意思是，關於激勵措施的恢復，這主要是在下半年，因為第二個——如果你還記得去年第二季度，那是一個非常困難的季度，正如我之前提到的。因此，我們顯然正在對激勵補償進行調整。因此，其中一些確實在第二季度實現了，但大部分是下半年回載的。

As far as gross margin, I think -- just at a very high level, I mean, we talked a lot about gross margin on this call. We're optimistic, but prudent. I mean, we've got a lot of things that are -- we're putting points on the board in the GOE program. Pricing, we did say pricing realization is going to be highest in the first quarter. And second quarter, it's going to ramp down. So that's a little bit of that.

就毛利率而言，我認為，我的意思是，我們在這次電話會議上討論了很多關於毛利率的問題。我們很樂觀，但也很謹慎。我的意思是，我們已經做了很多事情——我們正在 GOE 計劃的板上寫下要點。定價，我們確實說過第一季度的定價實現將是最高的。第二季度，這一數字將會下降。這就是一點點。

And we're still having low to mid-teen cost inflation that we haven't moved on, so that's coming down. But at the end of the day, from a gross margin perspective, we're going to show improvement. And again, we're being prudent.

而且我們的成本通脹仍然處於中低水平，而且還沒有改變，所以這一點正在下降。但最終，從毛利率的角度來看，我們將表現出改善。再說一次，我們是謹慎的。

Yes. And I want to be sure we're differentiating because your question, did -- actually, I'm confused a little bit. Our gross margin in our underlying business is always higher in third and fourth quarter. That's a mix of the business, and that's the natural state.

是的。我想確保我們能夠區分，因為你的問題確實——實際上，我有點困惑。我們基礎業務的毛利率在第三和第四季度始終較高。這是業務的混合體，也是自然狀態。

I think you're asking -- it sounds like you might be asking about that. We're expecting that relationship still holds, and we are expecting to continue to have improvement versus prior year in both of those quarters as well.

我認為你在問——聽起來你可能在問這個。我們預計這種關係仍然存在，並且我們預計這兩個季度的情況將繼續比去年有所改善。

Yes. And certainly -- versus the 37.1% in the second quarter, and I appreciate that, that gets you higher year-on-year versus where you were last year in the second half. And I guess, 100 basis points for the consolidated company, kind of you did the back into the second half gross margin percentage, it doesn't really get you much above 37% for the second half of the year in total, and the quarters will mix a little bit. So -- but usually, you would think that the gross margin percent would be higher by 4Q, that's the spirit of the question.

是的。當然，與第二季度的 37.1% 相比，我很欣賞這一點，這會讓你比去年下半年的水平同比更高。我想，對於合併後的公司來說，100個基點，就像你在下半年毛利率百分比一樣，它並沒有真正讓你下半年和季度的總毛利率超過37%會混合一點。所以，但通常情況下，你會認為第四季度的毛利率會更高，這就是問題的實質。

The gross margin change in the first half, we were favorable at 113 basis points to last year. The second half guidance implies 40 to 50 basis point improvement at the midpoint. So we're showing improvement. Remember that second quarter last year, we had a really positive 300-some basis points increase in Q2, so that's a bit of why it's over 100 basis points in the first half. But 50 basis points improvement, we're happy with that.

上半年的毛利率變化，我們對去年有利，為 113 個基點。下半年指引意味著中點將提高 40 至 50 個基點。所以我們正在表現出進步。請記住，去年第二季度，我們在第二季度確實實現了 300 個基點的積極增長，這就是為什麼上半年增長超過 100 個基點的部分原因。但改善了 50 個基點，我們對此感到滿意。

Our next question comes from the line of Matt Smith with Stifel.

我們的下一個問題來自馬特·史密斯和斯蒂菲爾的對話。

Congratulations. Wanted to ask a follow-up question on the Consumer business in the Americas or more specifically in the U.S. We've seen elasticities improve in recent periods in measured channel data, and now you're ramping up new product activity and marketing, along with what sounds like some positive distribution tailwinds.

恭喜。想詢問有關美洲或更具體地說美國消費者業務的後續問題。我們發現最近一段時期測量的渠道數據的彈性有所改善，現在您正在加強新產品活動和營銷，以及聽起來像是一些積極的分配順風。

So how should we think about elasticity in the second half, with consideration to the commentary on your outlook talking about elasticities overall in line with the prior year, which are a little softer than the trends we're currently seeing in the U.S.?

那麼，考慮到您對總體彈性與去年一致的展望評論，我們應該如何看待下半年的彈性，而彈性比我們目前在美國看到的趨勢要軟一些？

I think, first of all, it's important to call out that our base case has been for the Consumer to be under pressure in 2023, and we expect that to kind of continue. Although broadly speaking, the Consumer has held up better than expected. Yet, there is still pressure out there.

我認為，首先，重要的是要指出，我們的基本情況是消費者在 2023 年將面臨壓力，我們預計這種情況將持續下去。儘管總體而言，消費者的表現好於預期。然而，壓力仍然存在。

Having said that, though, as we look at our own price elasticities and performance off shelf, it remains pretty consistent with what we saw in the first quarter and in the fourth quarter, most recently. And so we're not seeing a big deviation from where we've been. And in fact, I would say, we had a retail price increase come through in early April, and we still see very consistent trends with regard to price elasticity.

儘管如此，當我們審視我們自己的價格彈性和現成表現時，它仍然與我們在第一季度和最近第四季度看到的情況非常一致。因此，我們並沒有看到與我們之前的情況有很大的偏差。事實上，我想說，我們在四月初就實現了零售價格上漲，而且我們仍然看到價格彈性方面的趨勢非常一致。

We don't see any examples right now of it yet or planning to getting worse. But then also, I'm not sure that we're indicating so far that it's getting measurably better. But these are consistent trends that we're planning on for the rest of the year because we are still on our base case of a pressured Consumer.

我們目前還沒有看到任何這樣的例子，也沒有看到任何情況會變得更糟。但我也不確定到目前為止我們是否表明情況正在明顯好轉。但這些是我們計劃在今年剩餘時間裡保持一致的趨勢，因為我們仍然處於消費者壓力的基本情況下。

I would say, though, that there's a good, solid, sustained demand from the Consumer. And as you take that with the, I think, really robust and compelling growth plans that we've got in the second half, we're -- we've got good reason to believe that we're going to continue to see volume improvement in our U.S. business specifically as we go through the year.

不過，我想說的是，消費者有良好、穩定、持續的需求。我認為，當你考慮到我們在下半年制定的真正強勁且引人注目的增長計劃時，我們有充分的理由相信我們將繼續看到銷量特別是在這一年中，我們的美國業務取得了改善。

Okay. And if I could ask one more on a follow-up on the recovery you're seeing in China. It contributed to growth in the quarter, but you've talked about how it lagged your expectations, and it's progressing more slowly.

好的。我能否再詢問一下中國經濟復甦的後續情況。它對本季度的增長做出了貢獻，但您已經談到了它如何落後於您的預期，而且進展更加緩慢。

But could you talk about the momentum in the business exiting the quarter? Did you see sequential improvement through the quarter? And how does the current consumer environment compared to year-ago levels, which were more normal in the second quarter?

但您能談談本季度退出業務的勢頭嗎？您是否看到本季度的連續改善？目前的消費環境與去年同期（第二季度較為正常）相比如何？

Well, I think in terms of did we see a sequential improvement or any sequential changes as we went through the quarter, no. I would say that, largely, as we observed kind of the performance in the quarter in China, the one thing that was obvious is they're dealing with higher unemployment.

嗯，我認為在整個季度中我們是否看到了連續的改善或任何連續的變化，沒有。我想說，很大程度上，正如我們觀察到的中國本季度的表現一樣，顯而易見的一件事是他們正在應對更高的失業率。

And Consumer spending isn't as robust as maybe many and all of us were planning on, yet still being a strong rebound, but we weren't seeing any sort of different performance throughout the quarter. I would say it was pretty much consistent. And our view, once we saw the quarter open up, it sort of held that way throughout the end of the second quarter.

消費者支出並不像我們許多人和所有人所計劃的那樣強勁，但仍然強勁反彈，但整個季度我們沒有看到任何不同的表現。我想說這幾乎是一致的。我們的觀點是，一旦我們看到本季度開放，整個第二季度末都會保持這種狀態。

I think your question though -- in the back half of your question, maybe you meant on sort of how we're thinking about the third quarter. And recall last year, though, that was a big rebound period in recovery within China in the third quarter. So we don't expect that same level of recovery in the third quarter this year just because we're comparing up against that.

我認為你的問題 - 在你問題的後半部分，也許你的意思是我們如何看待第三季度。不過，回想一下去年，第三季度是中國經濟復甦的一個大反彈期。因此，我們預計今年第三季度不會出現同樣水平的複蘇，因為我們正在與之進行比較。

But we expect those same trends to kind of flow through into the third quarter. And then, again, when we get to the fourth, it's going to be different yet again. So we're going to be comparing against a very challenging period with respect to COVID lockdowns, et cetera. And so that is likely to feel more like the second quarter.

但我們預計這些相同的趨勢將延續到第三季度。然後，當我們到達第四個時，情況又會有所不同。因此，我們將與新冠疫情封鎖等方面非常具有挑戰性的時期進行比較。因此，這可能更像是第二季度的情況。

Yes. So maybe in summary, Q3 is a tough comparison on China because of the strong recovery last year. Q4 is an easier comparison because they were locked down in the fourth quarter last year.

是的。總而言之，由於去年的強勁復甦，第三季度與中國相比是一個艱難的比較。第四季度的比較更容易，因為它們在去年第四季度被鎖定。

And we just actually had our China management team here in the office a couple of days ago, and we spent quite a lot of time with them talking about the roller coaster ride that they have been on as the economy reopens, locks, down, reopens and locks down and reopens. And that creates a lot of noise in the year-to-year comparison.

實際上，幾天前我們的中國管理團隊就來到了辦公室，我們花了很多時間與他們討論隨著經濟重新開放、封鎖、封鎖、重新開放，他們所經歷的過山車之旅並鎖定並重新打開。這在逐年比較中產生了很多噪音。

We all -- the question about how robust the recovery in China was going to be, it's really strong. I don't want that anyone on the call to think otherwise. Our question all along has been is the recovery going to -- is the performance going to -- is the growth is going to start with a 2 or 3 or 4. Right now, it looks like a 3, not a 4. And -- but -- so we have actually tempered our -- not just captured it in our results today, but we've also tempered our outlook a little bit for China. That is considered in our guidance, I would say it.

我們所有人——關於中國復甦的強勁程度的問題，它真的很強勁。我不希望電話中的任何人有其他想法。我們一直以來的問題是，復甦將如何——業績將如何——增長將從 2、3 或 4 開始。現在，它看起來像是 3，而不是 4。而且 - - 但是 - 所以我們實際上已經調整了我們的 - 不僅在我們今天的結果中體現了這一點，而且我們還調整了我們對中國的看法。我想說，我們的指導意見已經考慮到了這一點。

Ladies and gentlemen, our final question comes from the line of Robert Moskow with TD Cowen.

女士們先生們，我們的最後一個問題來自 Robert Moskow 和 TD Cowen 的對話。

And Lawrence and Brendan, congratulations to both of you. Especially you, Lawrence, it's really been a pleasure working with you all these years.

勞倫斯和布倫丹，祝賀你們倆。尤其是你，勞倫斯，這些年來與你一起工作真的很愉快。

Thank you so much, Rob. And welcome back by the way. Congratulations to you, congratulations to you.

非常感謝你，羅布。順便歡迎回來。恭喜你，恭喜你。

Yes. Well, we're -- I'm a little jealous of you. So -- but I got to be honest. But I wanted to follow up on, Brendan, what you said about -- what your consumer research says about preferences for brands versus private label. I think you said the consumers prefer brands.

是的。好吧，我們——我有點嫉妒你。所以——但我必須說實話。但我想跟進一下，布倫丹，你所說的——你的消費者研究表明了對品牌與自有品牌的偏好。我想你說過消費者更喜歡品牌。

The market share data shows that private label is growing and has been growing every year for the last couple of years, I think. And I want to know if your data is showing the same thing in terms of market share. And how do you reconcile those 2 things together in the U.S.?

我認為，市場份額數據表明自有品牌正在增長，並且在過去幾年中每年都在增長。我想知道你們的數據在市場份額方面是否顯示出同樣的情況。在美國你如何協調這兩件事？

Well, I mean, I think we have to acknowledge that there has been some trade down to private label, especially more recently. And -- but also, it has moderated, especially I think in our own categories, as we see more pricing on shelf coming from private label. Those gaps narrow, and so therefore, sort of the unit growth and trends sort of decelerate, and we're seeing our own unit trends show sequential improvement.

嗯，我的意思是，我認為我們必須承認已經有一些貿易轉向自有品牌，尤其是最近。而且，它也有所放緩，特別是在我們自己的類別中，因為我們看到貨架上的定價更多來自自有品牌。這些差距縮小了，因此，單位增長和趨勢有所放緩，我們看到我們自己的單位趨勢顯示出連續的改善。

But going back to sort of the idea of research and what consumers are telling us and what we're -- we keep finding and it keeps you reinforced with consumer feedback is they're looking for value, not necessarily the cheapest pack or smaller items. And we do see consistently consumers do prefer brands.

但回到研究的理念，消費者告訴我們什麼以及我們是什麼——我們不斷發現，消費者的反饋讓你更加堅定，他們正在尋找價值，不一定是最便宜的包裝或較小的物品。我們確實看到消費者確實更喜歡品牌。

And a lot of what we've been trying to do when we think about just the mix between private label and brand, recall, we're also in the private label business with our customers. So we see a role for private label in our categories. And so we are obviously supported from a category management standpoint that both provide a range of offerings for the consumer.

當我們考慮自有品牌和品牌之間的混合時，我們一直在努力做很多事情，回想一下，我們也在與客戶一起從事自有品牌業務。因此，我們看到了自有品牌在我們的品類中的作用。因此，從品類管理的角度來看，我們顯然得到了支持，兩者都為消費者提供了一系列產品。

Right now, we are pushing a lot on value. We're really focused on the growth of our large sizes. We're seeing consumer shift there more and more as they look for that greater value, and it's definitely showing through in our trends. But it's not dilutive to us or to the retailer. We're not seeing as many signs of trade down right now as maybe we saw during sort of the height of this inflationary period that we've been going through.

現在，我們正在大力推動價值。我們非常關注大規格的增長。我們看到消費者越來越多地轉向那裡，因為他們尋求更大的價值，這肯定會在我們的趨勢中得到體現。但這不會稀釋我們或零售商的權益。我們現在沒有看到像我們所經歷的通貨膨脹最嚴重時期那樣多的貿易下降跡象。

If I were to go back over several years, a little bit harder to comment on category by category, but we typically see this happen during inflationary or recessionary times for private label. It certainly seems to -- appears to gain share. But then again, we're not hitting sort of the highs that are different from what we've seen in previous periods. So that's our perspective on it, but we are certainly kind of have a foot in both parts of the category.

如果我要回顧幾年，逐個類別地評論會有點困難，但我們通常會看到這種情況發生在自有品牌的通貨膨脹或衰退時期。它確實似乎——似乎正在獲得份額。但話又說回來，我們並沒有達到與之前時期不同的高點。這就是我們對此的看法，但我們肯定涉足該類別的兩個部分。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Kurzius for any final comments.

女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給庫爾齊斯先生。

Thank you. Well, before we end, I'd like to let all of you in the analyst and investor community know, I have appreciated the opportunity to tell you about McCormick, our great company, and for the insights and the perspective you've provided me, which helped shape our strategies and clarify our messaging. You have all really helped me be a better CEO. Whether you have a buy, a hold or a sell on us, and whether you've even held our shares, our many interactions have been transparent, constructive and always mutually respectful.

謝謝。好吧，在我們結束之前，我想讓分析師和投資者界的所有人知道，我很高興有機會向您介紹味好美公司，我們偉大的公司，以及您為我提供的見解和觀點，這有助於製定我們的戰略並闡明我們的信息。你們確實幫助我成為了一名更好的首席執行官。無論您買入、持有還是賣出我們的股票，也無論您是否持有我們的股票，我們的許多互動都是透明的、建設性的，並且始終相互尊重。

I want to thank you all, and I'm confident McCormick is well positioned for continued success with our alignment to consumer trends, the breadth and reach of our portfolio as well as our strategic growth investments. We have a strong foundation for sustainable growth and remain committed to driving long-term value for our shareholders.

我要感謝你們所有人，我相信味好美憑藉我們與消費者趨勢的契合、我們產品組合的廣度和範圍以及我們的戰略增長投資，已經做好了持續成功的準備。我們擁有可持續增長的堅實基礎，並繼續致力於為股東創造長期價值。

Thank you, Lawrence, and thank you to everyone for joining today's call. If you have any further questions, please feel free to contact me. And as we enter the summer season and for some of you in the U.S., the Fourth of July, in Canada have Canada Day, fire up those grills with the McCormick products. This concludes this morning's conference call.

謝謝勞倫斯，也感謝大家參加今天的電話會議。如果您還有任何疑問，請隨時與我聯繫。當我們進入夏季時，對於美國的一些人來說，七月四日是加拿大的加拿大國慶日，用味好美產品來燒烤吧。今天上午的電話會議到此結束。