McCormick: Fiscal 4Q Earnings Snapshot
HUNT VALLEY, Md. (AP) _ McCormick & Co. (MKC) on Tuesday reported fiscal fourth-quarter earnings of $213.4 million.
The Hunt Valley, Maryland-based company said it had net income of $1.59 per share. Earnings, adjusted for non-recurring costs, came to $1.61 per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.63 per share.
The spices and seasonings company posted revenue of $1.48 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.51 billion.
For the year, the company reported profit of $702.7 million, or $5.24 per share. Revenue was reported as $5.35 billion.
McCormick expects full-year earnings in the range of $5.20 to $5.30 per share.
McCormick shares have increased almost 2% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 42% in the last 12 months.