McCormick Q4 Profit Jumps +13%, But Misses Wall Street Expectations (MKC)

On Thursday food spices and seasonings producer McCormick & Company, Incorporated (MKC) reported a rise in its fourth quarter profit and revenue, but the results missed Wall Street views.

The Sparks, Maryland-based company posted a fourth quarter net income of $148.5 million, or $1.11 per share, up +13% from $131.7 million, or 98 cents per share, earned in the same period in 2011. Despite the increase in profit, McCormick missed analysts’ estimates of $1.41 per share, according to Thomson Reuters.

The spice maker’s sales rose +3% to $1.15 billion in the quarter, but this also missed the Wall Street prediction of $1.17 billion.

Full year earnings were $407.8 million, or $3.04 per share, which was higher than the $374.2 million, or $2.79 per share, earned in the prior year. Annual revenue was $4.01 billion, up +9% from the previous year.

Looking ahead to fiscal 2013 results, MKC is expected EPS to come in between $3.15 to $3.23 per share. Analysts are expecting the company to earn $3.36 per share.

McCormick shares were down $2.89, or -4.34%, during pre-market trading on Thursday. The stock is up +29.28% over the past year.

The Bottom Line
Shares of McCormick (MKC) have a 2.04% dividend yield, based on last night’s closing stock price of $66.59. The stock has technical support in the $62-$64 price area. The shares are trading right near all-time highs.

McCormick & Company, Incorporated (MKC) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here