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Jan. 27, 2022, 6:45 a.m. EST

McCormick shares up 2.2% premarket after earnings beat estimates and guidance is above consensus

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By Ciara Linnane

McCormick & Co. Inc. shares /zigman2/quotes/206739653/composite MKC +2.28% rose 2.2% premarket Thursday, after the spice maker beat estimates for the fourth quarter and offered upbeat guidance for fiscal 2022. The company posted net income of $197.4 million, or 73 cents a share, for the quarter, down from $200.7 million, or 74 cents a share, in the year-earlier period. Adjusted per-share earnings came to 84 cents, ahead of the 80 cents FactSet consensus. Sales rose to $1.730 billion from $1.558 billion, also ahead of the $1.714 billion FactSet consensus. "We are capitalizing on the sustained shift to cooking more at home, increased digital engagement, clean and flavorful eating, and trusted brands," Chief Executive Lawrence E. Kurzius said in a statement. And while profit was hurt by inflation and supply-chain challenges, "we expect to successfully manage through this inflationary environment as we have in the past, using pricing and other levers to fully offset cost pressures over time," he said. The company is now expecting fiscal 2022 EPS of $3.07 to$3.12 and adjusted EPS of $3.17 to $3.22. It expects sales to grow 3% to 5%. The FactSet consensus is for EPS of $3.09. Shares are down 2.2% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.81% has gained 13%.

$ 93.71
+2.09 +2.28%
Volume: 1.08M
May 24, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$24.55 billion
Rev. per Employee
-32.27 -0.81%
Volume: 2.44B
May 24, 2022 4:55p

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