McCormick & Co. Q1 Profit Decreases, but beats estimates

(RTTNews) - McCormick & Co. (MKC) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $154.9 million, or $0.57 per share. This compares with $161.8 million, or $0.60 per share, in last year's first quarter.

Excluding items, McCormick & Co. reported adjusted earnings of $170.0 million or $0.63 per share for the period.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.7% to $1.52 billion from $1.48 billion last year.

McCormick & Co. earnings at a glance (GAAP) :

-Earnings (Q1): $154.9 Mln. vs. $161.8 Mln. last year. -EPS (Q1): $0.57 vs. $0.60 last year. -Analyst Estimates: $0.62 -Revenue (Q1): $1.52 Bln vs. $1.48 Bln last year.

-Guidance: Full year EPS guidance: $3.17 to $3.22