McCormick Q1 Profit Misses Street, Confirms FY25 Outlook; Stock Down In Pre-market - Update

(RTTNews) - McCormick & Co. (MKC), while reporting weak first-quarter profit, below market estimates, on Tuesday maintained its fiscal 2025 outlook, expecting year-over-year growth.

In pre-market activity on the NYSE, McCormick shares were losing 3.4 percent to trade at $77.60.

For fiscal 2025, the company continues to project earnings per share of $2.99 to $3.04, an year-over-year growth of 2 percent to 4 percent, and adjusted earnings per share of $3.03 to $3.08, a growth of 3 percent to 5 percent.

The Wall Street analysts on average expect the company to report earnings of $3.07 per share. Analysts' estimates typically exclude special items.

The company still projects full-year net sales growth of 0 percent to 2 percent on a reported basis and 1 percent to 3 percent at constant currency rates.

In its first quarter, McCormick's earnings decreased from the same period last year and missed the Street estimates.

The company's bottom line totaled $162.3 million or $0.60 per share, compared with $166.0 million or $0.62 per share last year.

Adjusted earnings were $162.3 million or $0.60 per share for the period. Analysts had expected the company to earn $0.64 per share.

The company's net sales for the period rose 0.2 percent to $1.605 billion from $1.602 billion last year. The Street was looking for net sales of $1.61 billion.

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