For a spice giant like McCormick & Company, which relies on many products that can only be grown abroad, tariffs have been top of mind all year. Executives meet weekly to discuss the topic.

The Hunt Valley-based company said this summer that it expected tariffs to cost them roughly $90 million annually, but after President Donald Trump’s administration enforced more tariffs in August, that number has jumped.

McCormick now projects about $140 million in “tariff exposure,” chief financial officer Marcos Gabriel said during an earnings call Tuesday morning.

“We meet on this weekly,” said Brendan Foley, president, CEO and chairman of the company. “We see changes every week as we continue to go through this and identify new opportunities and breakthroughs in terms of how we can think about next year.”

The company — whose stock has dropped by more than 20% since March — maintained its revenue projections during Tuesday’s call, but trimmed its profit outlook.

“We are absorbing some incremental costs this year,” Foley said of the tariffs, “which has a near-term impact on our profitability.”

McCormick continues to look for ways to mitigate tariff impacts through alternative sourcing and a “surgical approach to pricing,” Gabriel said. Asked which products might face price hikes, executives said it was too early to tell, but that efforts would focus on cost savings, rather than increased prices.

“We’re pulling all the levers that we can,” Gabriel said.

McCormick sells the bulk of its products in North America and South America, but says it sources from 80 countries worldwide.

Company spokesperson Lori Robinson declined to say Tuesday if the company has pulled back from any countries due to tariffs, but said in an email: “We do consider our sourcing capabilities to be a competitive advantage for McCormick.”

Despite the higher tariff costs, the company’s revenue has stayed relatively strong. Foley highlighted that the most recent quarter was the “fifth consecutive quarter of volume-led growth” for McCormick.

Tariffs have roiled many American companies, especially ones reliant on specialized goods that come from countries that have been hit with high tariffs. India, a major spice exporter, faces a 50% tariff.

The American Spice Trade Association has lobbied the Trump administration to exempt spices from the levies, since many of them cannot be grown in the U.S.

“Most spices, including black pepper, cinnamon, turmeric, ginger, nutmeg, vanilla, and cloves, require tropical conditions and cannot be cultivated on a commercial scale within the United States due to climate and geographical limitations,” the trade association argued in an August letter.

Last month, Trump issued an executive order modifying some tariffs and said he “may be willing” to exempt certain products that cannot be produced on American soil.

Laura Shumow, the trade association’s executive director, applauded that decision at the time and called it an “encouraging step.”

“While this Executive Order provides a promising path to reduce tariffs on spices that cannot grow in the U.S., the implementation still requires the completion of trade deals with key producing countries that specify these products,” she said in a statement.