Core Insights - McCormick & Company reported strong third-quarter fiscal 2024 results, with both top and bottom lines exceeding Zacks Consensus Estimates and year-over-year earnings growth [1][4]. Financial Performance - Adjusted earnings per share (EPS) reached 83 cents, up from 65 cents in the prior year, surpassing the Zacks Consensus Estimate of 68 cents, reflecting a 22.1% surprise [4]. - Total sales amounted to $1,679.8 million, remaining flat year over year, but exceeding the Zacks Consensus Estimate of $1,664 million [5]. - Gross profit margin expanded by 170 basis points, attributed to improved product mix and cost savings from the Comprehensive Continuous Improvement (CCI) program [6]. Segment Performance - In the Consumer segment, sales were flat at $937.4 million, with a 1% decline in pricing offset by a 1% increase in volume [7]. - Flavor Solutions segment sales decreased by 1% to $742.4 million, with a constant-currency basis showing flat sales year over year [8]. Strategic Initiatives - Management is focusing on growth levers such as brand marketing, product innovation, and cost-saving initiatives to enhance operating margins and fund future investments [3]. - The company anticipates that its strategic decisions, including divesting the canning business, will impact volume trends but is expected to improve overall profitability [12]. Future Outlook - For fiscal 2024, McCormick expects sales to range between a 1% decline and 1% growth, with adjusted operating income projected to grow by 4-6% [11][13]. - Management forecasts adjusted EPS for 2024 to be between $2.85 and $2.90, indicating a 5-7% increase from the previous year [13].

Core Insights - McCormick reported revenue of $1.68 billion for the quarter ended August 2024, reflecting a year-over-year decline of 0.3% and an EPS of $0.83, up from $0.65 a year ago, exceeding both revenue and EPS estimates [1][2] Revenue Performance - Net Sales for Flavor Solutions were $742.40 million, slightly below the estimated $734.15 million, representing a year-over-year decline of 0.7% [3] - Net Sales for Consumer reached $937.40 million, matching the average estimate of $926.75 million, with no change year over year [3] Operating Income - Operating income for Flavor Solutions, excluding special charges, was $101.60 million, surpassing the estimated $90.23 million [3] - Operating income for Consumer, also excluding special charges, was $186.80 million, exceeding the average estimate of $173.42 million [3] Stock Performance - McCormick's shares have returned +2.8% over the past month, outperforming the Zacks S&P 500 composite's +2.2% change, with a Zacks Rank 2 (Buy) indicating potential for near-term outperformance [4]

Core Insights - McCormick (MKC) reported quarterly earnings of $0.83 per share, exceeding the Zacks Consensus Estimate of $0.68 per share, and showing an increase from $0.65 per share a year ago, resulting in an earnings surprise of 22.06% [1] - The company achieved revenues of $1.68 billion for the quarter ended August 2024, surpassing the Zacks Consensus Estimate by 0.94%, with no year-over-year change in revenue [2] - McCormick has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Earnings Outlook - The sustainability of McCormick's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.87 on revenues of $1.76 billion, and for the current fiscal year, it is $2.85 on revenues of $6.67 billion [7] Industry Context - The Food - Miscellaneous industry, to which McCormick belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Core Insights - McCormick & Company reported third-quarter financial results for 2024, showing stable sales and reaffirming its fiscal outlook for sales and operating profit growth [1][2][11] Financial Performance - Sales in Q3 2024 were $1.68 billion, comparable to the same period last year, with a volume growth of 1% offset by pricing [2][39] - Operating income increased to $287 million from $245 million year-over-year, with adjusted operating income rising to $288 million from $251 million [2][8] - Earnings per share (EPS) rose to $0.83 from $0.63 in the prior year, with adjusted EPS also at $0.83 compared to $0.65 [2][10] Segment Performance - The Consumer segment reported net sales of $937.4 million, showing a slight increase from $937.1 million in Q3 2023, driven by a 1% volume growth [15][16] - The Flavor Solutions segment experienced a 1% decline in sales to $742.4 million, primarily due to the divestiture of a canning business [17][19] - Operating income for the Consumer segment increased by 8% year-over-year, while the Flavor Solutions segment saw a significant 31% increase in operating income [17][20] Outlook for Fiscal Year 2024 - McCormick expects sales growth in the range of -1% to 1% for 2024, with operating income projected to grow by 9% to 11% from $963 million in 2023 [12][13] - The company anticipates adjusted EPS for 2024 to be between $2.85 and $2.90, reflecting a 5% to 7% increase from $2.70 in 2023 [14][31] Strategic Initiatives - The company is focused on strengthening its business through brand marketing, new product development, and cost-saving initiatives, which are expected to drive operating margin expansion [4][5] - McCormick plans to host an Investor Day on October 22, 2024, to share its strategic roadmap and long-term objectives [2][5]

McCormick & Company, Incorporated MKC will release earnings results for its third quarter, before the opening bell on Tuesday, Oct. 1. Analysts expect the Hunt Valley, Maryland-based company to report quarterly earnings at 67 cents per share, up from 65 cents per share in the year-ago period. McCormick is projected to post quarterly revenue of $1.67 billion, according to Benzinga Pro. With the recent buzz around McCormick, some investors may be eyeing potential gains from the company's dividends. As of now, ...

Group 1 - The article emphasizes a dividend-focused value investment strategy that prioritizes capital preservation and steady income growth [1] - The author shares insights from a diversified dividend stock portfolio, highlighting high-quality value stocks that provide meaningful growth and long-term safety [1] Group 2 - The author has a beneficial long position in the shares of RBGPF, indicating a personal investment interest in the company [2] - The article is presented as a personal opinion and does not constitute investment or tax advice, reflecting the author's status as a private investor [3]

Wall Street analysts expect McCormick (MKC) to post quarterly earnings of $0.68 per share in its upcoming report, which indicates a year-over-year increase of 4.6%. Revenues are expected to be $1.66 billion, down 1.2% from the year-ago quarter. Over the last 30 days, there has been an upward revision of 0.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering McCormick (MKC) , which belongs to the Zacks Food - Miscellaneous industry. When looking at the last two reports, this spices and seasonings company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 12.78%, on average, in the last two quarters. For the last reported quarter, McCormick came out with earnings of ...

McCormick & Company, Incorporated (MKC) is likely to register a top-line decline when it reports thirdquarter fiscal 2024 earnings on Oct. 1. The Zacks Consensus Estimate for revenues is pegged at $1.7 billion, suggesting a drop of 1.2% from the prior-year quarter's reported figure. The bottom line is likely to grow year over year. The consensus mark for quarterly earnings has remained unchanged in the past 30 days at 67 cents per share. This indicates growth of 3.1% from the year-ago quarter's reported fig ...

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