McCormick beats quarterly results estimates on higher product prices
MKC•McCormick topped third-quarter estimates with sales of $2.02 billion and adjusted profit of 86 cents per share, as prices rose 2.2% year over year. The company maintained its annual forecasts.
1. Quarterly results
For the quarter ended August 31, McCormick reported sales of $2.02 billion, above analysts’ $1.98 billion estimate, and adjusted profit of 86 cents per share, above the 76-cent estimate. Prices rose 2.2% from a year earlier, while organic volumes dipped 0.3%.
2. Outlook and merger
McCormick maintained its annual forecasts for the third time this fiscal year as it navigates an uncertain consumer spending environment. The company said integration planning for its proposed $65 billion merger with Unilever’s foods business was on track and it remained confident the deal would deliver significant earnings-per-share accretion after closing.
