McCormick (MKC) reported $1.64 billion in revenue for the quarter ended May 2024, representing a year-overyear decline of 1%. EPS of $0.69 for the same period compares to $0.60 a year ago. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for McCormick here>>> While investors scrutinize revenue and earnings ...

McCormick (MKC) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 16.95%. A quarter ago, it was expected that this spices and seasonings company would post earnings of $0.58 per share when it actually produced earnings of $0.63, delivering a surprise of 8.62%. McCormick, which belongs t ...

HUNT VALLEY, Md., June 27, 2024 - McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the second quarter ended May 31, 2024 and reaffirmed fiscal 2024 outlook. · Earnings per share was $0.68 in the second quarter as compared to $0.56 in the year-ago period. Adjusted earnings per share was $0.69 compared to $0.60 in the year-ago period. Brendan M. Foley, President and CEO, stated, "We are pleased with our performance for the first half of the year, wh ...

Sales Performance - Consumer Segment - Americas Consumer net sales decreased by 1.6% in constant currency, with pricing investments of -1% and flat volume/mix[4,5] - EMEA Consumer net sales increased by 5%, or 3.9% in constant currency, driven by volume growth across categories and major markets[8,9] - APAC Consumer net sales decreased by 4.8%, or -0.9% in constant currency, with volume/mix declining due to the macro environment in China[12,13] Sales Performance - Flavor Solutions Segment - Americas Flavor Solutions net sales decreased by 0.2%, or -0.9% in constant currency, due to softness in QSR and packaged food volumes[18,19] - EMEA Flavor Solutions net sales decreased by 7.3%, or -8.2% in constant currency, including a 3% impact from the divestiture of the canning business[27,28] - APAC Flavor Solutions net sales increased by 5.9%, or 10.3% in constant currency, driven by customer promotions, limited-time offers, and new product innovation[31,32] Financial Highlights - The company's gross margin increased by 60 bps to 37.7% due to the Comprehensive Continuous Improvement (CCI) savings program[35] - Operating income increased by 6% to $234.1 million, while adjusted operating income was flat at $235.9 million[37] - Adjusted earnings per share increased by 15% to $0.69, driven by a decrease in the tax rate and an increase in unconsolidated income[44] Outlook - The company projects sales growth of -2% to 0%, or -1% to 1% in constant currency, for 2024[50] - Adjusted operating income is expected to increase by 3% to 5%, or 4% to 6% in constant currency[50] - Adjusted earnings per share are projected to be $2.80 to $2.85, representing a growth of 4% to 6%, or 5% to 7% in constant currency[50]

"Overall, we are confident in the sustained trajectory of our business, and in our ability to deliver on our 2024 outlook and long-term financial objectives. Our commitment is underpinned by our proven track record, our broad and advantaged global portfolio, our focus on high growth, profitable categories, our alignment with consumer trends, as well as our differentiated heat platform. Our business fundamentals are strong, and we expect to continue to deliver profitable growth and drive value for shareholde ...

Investor Relations: Faten Freiha -[email protected] Global Communications: Lori Robinson -[email protected] SOURCE McCormick & Company, Incorporated "Mike has been an integral leader for McCormick for more than three decades," said Brendan M. Foley, President and Chief Executive Officer (CEO) for McCormick. "Since he stepped into the role as CFO, sales grew at an industry leading pace of over 50% and we delivered significant shareholder value. His strategic leadership and focus on value creation have been i ...

Core Viewpoint - McCormick & Company, Incorporated (MKC) is expected to report a decline in both revenue and earnings for the second quarter of fiscal 2024, with revenue estimates at $1.6 billion, indicating a nearly 2% decrease from the previous year [1]. Financial Performance - The trailing four-quarter earnings surprise for MKC averages 5.4%, with an 8.6% surprise in the last reported quarter [2]. - The Zacks Consensus Estimate for MKC's earnings per share has moved down by a penny to 59 cents, projecting a 1.7% decline from the year-ago period [14]. Cost and Margin Pressures - MKC is facing cost inflation, which is negatively impacting margin performance, alongside rising selling and general administrative expenses [3]. - Elevated brand marketing costs are contributing to the financial strain, and the company's international operations expose it to unfavorable currency risks [3]. Strategic Positioning - Despite the challenges, McCormick's effective pricing strategy and cost-saving efforts position it for potential growth [5]. - The company is experiencing soft volume trends as consumer demand remains challenging, with consumers exhibiting value-seeking behavior due to food inflation [15]. Earnings Prediction - The current Zacks Rank for MKC is 4 (Sell), with an Earnings ESP of -2.25%, indicating that an earnings beat is not anticipated this reporting cycle [7][6].

This is the 100th year of consecutive dividend payments by the Company. For information contact: McCormick & Company, Incorporated is a global leader in flavor. With over $6.5 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, Fren ...

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. The combined assessment of analysts suggests that 'Net Sales- Flavor Solutions' will likely reach $725.85 million. The estimate suggests a change of -2.8% year over year. View all Key Company Metrics for McCormick here>>> Before a company announces its earnings, it is essent ...

On the date of publication, Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Chris Markoch is a freelance financial copywriter who has been covering the market for over five years. He has been writing for InvestorPlace since 2019. The market's breadth is thin. Much of the growth comes from a small group of stocks, particu ...