McCormick (MKC) Surpasses Q3 Earnings and Revenue Estimates

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]