real-time news and commentary for investors
Thursday, Sep 26
McCormick -2.5% after Q3 sales come in flat
- McCormick (MKC -2.5%) slips after announcing its FQ3 earnings were unchanged Y/Y, but the spice maker sees full-year EPS at the lower end of its prior outlook for $3.13-$3.19.
- MKC says weak demand for industrial products by quick service restaurant customers in the Americas has limited YTD sales and is expected to hurt Q4 results.
- Sales rose 4% Q/Q to $1.02B, but much of the increase came from sales from its newly acquired Wuhan Asia Pacific Condiments business and from retailers pushing ~$30M in purchases they normally would make in Q4 into Q3 in advance of an upcoming price increase.