Spice maker McCormick & Co. Inc. (MKC) on Thursday posted a 13% gain in third quarter earnings, but its revenue totals failed to meet Wall Street’s expectations.
The Sparks, MD-based company reported third quarter net income of $104.4 million, or 78 cents per share, compared with $92 million, or 69 cents per share, in the year-ago period.
Revenue rose 6% from last year to $977.7 million.
On average, Wall Street analysts expected a smaller profit of 76 cents per share, albeit on higher sales of $990 million.
Looking ahead, MKC said it now expects full-year earnings to range from $3.03 to $3.08 per share, up from $3.01 to $3.06 previously.
McCormick shares were inactive in premarket trading Thursday.
The Bottom Line
Shares of McCormick & Co. (MKC) have a 1.97% dividend yield, based on last night’s closing stock price of $62.89. The stock has technical support in the $58-$60 price area. The shares are trading at all-time highs.
McCormick & Co. Inc. (MKC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.