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Sept. 30, 2021, 7:38 a.m. EDT

McCormick beats earnings estimates as sustained eating-at-home trend offsets inflationary and logistics pressures

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By Ciara Linnane

Spices and flavorings maker McCormick & Co. Inc. /zigman2/quotes/206739653/composite MKC +0.06% beat earnings estimates for the third quarter, boosted by continued strong demand for eating at home that helped offset inflationary and logistics pressures that are hurting many companies. The company posted net income of $212.4 million, or 79 cents a share, for the quarter, up from $206.2 million, or 76 cents a share, in the year-earlier period. Adjusted per-share earnings came to 80 cents, ahead of the 72 cents FactSet consensus. Sales rose to $1.549 billion from $1.430 billion, also ahead of the FactSet consensus of $1.538 billion. "While the profit driven by our strong third quarter sales growth was tempered by higher inflation and industry-wide logistics challenges, we expect to manage through this inflationary environment as we have successfully done in the past, including through pricing, and fully offset cost pressures over time," Chief Executive Lawrence E. Kurzius said in a statement. McCormick is now expecting fiscal 2021 sales to grow 12% to 13% and for EPS to range from $2.80 to $2.85. It expects adjusted EPS to range from $2.97 to $3.02, down from earlier guidance of $3.00 to $3.05. Shares were not yet active premarket, but have fallen 13% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 16%.

/zigman2/quotes/206739653/composite
US : U.S.: NYSE
$ 85.54
+0.05 +0.06%
Volume: 1.40M
Nov. 26, 2021 1:10p
P/E Ratio
30.43
Dividend Yield
1.59%
Market Cap
$22.86 billion
Rev. per Employee
$430,869
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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