McCormick & Company, Inc. (MKC) - NYSE
  • Thu, Jun. 30, 6:56 AM
    • McCormick (NYSE:MKC) reports sales rose 6% on a constant currency basis in FQ2.
    • Acquisition contributed 3 percentage point of growth in the quarter.
    • Segment revenue: Consumer: $641.8M (+7%, +8% on a constant currency basis); Industrial: $421.5M (-0.7%, +3% on a constant currency basis).
    • Gross profit rate grew 130 bps to 40.7%.
    • Segment operating income: Consumer: $86.4M (+7%); Industrial: $42.5M (+1%).
    • Adjusted operating margin rate expanded 10 bps to 12.1%.
    • Income from unconsolidated operations increased 22.5% to $112M.
    • FY2016 Guidance: Sales: +1% to +3% (+4% to 6% in constant currency); Operating income: +16% to +19%; Adjusted operating income:+6% to +8%; Diluted EPS: $3.63 to $3.70; Adjusted diluted EPS: $3.68 to $3.75.
    • MKC +2.23% premarket.
    | Thu, Jun. 30, 6:56 AM | 5 Comments
  • Thu, Jun. 23, 12:14 PM
    • Though believing further expansion of the multiple will be difficult, Citi's David Driscoll is bowing to the upward and to the right slope of the McCormick & Co. (MKC +1.9%) price chart as he upgrades to Neutral from Sell. He lifts the price target to $102 from $85 (current price is $102).
    • He notes the positives of spice retail sales speeding up by 250 basis points since the end of Q1, and net commodity inflation turning into deflation.
    • The shares, however, trade at 25x 2017's estimated EPS, meaning earnings, not a higher multiple will be the driver of the stock going forward.
    | Thu, Jun. 23, 12:14 PM | 15 Comments
  • Tue, Mar. 29, 6:56 AM
    • McCormick (NYSE:MKC) reports sales rose 7% on a constant currency basis in FQ1.
    • Segment revenue: Consumer: $633.8M (+2%, +6% on a constant currency basis); Industrial: $396.4M (+2%, +7% on a constant currency basis).
    • Gross profit rate increased 70 bps to 39.3%.
    • Segment operating income: Consumer: $94.3M (+3.1%); Industrial: $36.4M (+19%).
    • Adjusted operating margin rate grew 60 bps to 12.7%.
    • Income from unconsolidated operations fell 15.2% to $8.4M.
    • FY2016 Guidance: Sales: +1% to +3% (+4% to 6% in constant currency); Operating income: +17% to +20%; Adjusted operating income:+6% to +8%; Diluted EPS: $3.65 to $3.72; Adjusted diluted EPS: $3.68 to $3.75.
    | Tue, Mar. 29, 6:56 AM | 4 Comments
  • Oct. 1, 2015, 9:04 AM
    • McCormick (NYSE:MKC) reports sales rose 7% on a constant currency basis.
    • Gross profit rate decreased 50 bps to 39.8%.
    • Segment revenue: Consumer: $630.5M (+1%, +7% on a constant currency basis); Industrial: $429.4M (+2%, +8% on a constant currency basis).
    • Segment operating income: Consumer: $114.6M (-6.14%); Industrial: $39.2M (+4.53%).
    • Adjusted operating margin rate dropped 79 bps to 14.51%.
    • Income from unconsolidated operations grew 10.23% to $9.7M.
    • FY2015 Guidance: Sales: Upper end of +4% to 6% in local currency; Adjusted operating income: Lower end of +6% to +7%; Diluted EPS: $3.11 to $3.18; Adjusted diluted EPS: $3.47 to $3.54.
    • FQ3 results
    | Oct. 1, 2015, 9:04 AM
  • Mar. 24, 2015, 6:48 AM
    • McCormick (NYSE:MKC) reports sales rose 6.0% on a constant currency basis.
    • Gross profit rate decreased 84 bps to 38.57%.
    • Segment revenue: Consumer: $620.3M (+0.81%, +5% on a constant currency basis); Industrial: $400.3M (+3.17%, +7% on a constant currency basis).
    • Segment operating income: Consumer: $91.5M (-2.97%); Industrial: $30.6M (+0.99%).
    • Operating margin rate fell 48 bps to 12.08%.
    • Income from unconsolidated operations grew 94.12% to $9.9M.
    • FY2015 Guidance: Sales: +4% to 6% in local currency; Operating income: +0% to 2%; Diluted EPS: $3.28 to $3.35; Adjusted diluted EPS: $3.44 to $3.51.
    • FQ1 results
    | Mar. 24, 2015, 6:48 AM
  • Jan. 28, 2015, 6:59 AM
    • McCormick (NYSE:MKC) reports gross profit rate increased 20 bps to 43.12%.
    • Segment revenue: Consumer: $773.3M (+1.10%); Industrial: $400.3M (-4.9%).
    • Segment operating income: Consumer: $172.0M (-6.4%); Industrial: $30.3M (-5.7%).
    • Operating margin rate fell 108 bps to $202.3M
    • Income from unconsolidated operations grew 37.0% during the quarter.
    • FY2015 Guidance: Sales: +4% to 6% in local currency; Operating income: +2% to 4%; Adjusted operating income: +4% to +5%; Diluted EPS: $3.41 to $3.48; Adjusted diluted EPS: $3.51 to $3.58.
    • Q4 results
    | Jan. 28, 2015, 6:59 AM
  • Oct. 14, 2014, 5:36 PM
    • Top gainers, as of 5:15 p.m.: MILL +6.4%. PES +4.4%. MPO +4.3%. MKC +3.5%. VSR +3.1%.
    • Top losers, as of 5:15 p.m.: LF -6.8%. PLX -5.9%. UVXY -5.3%. TVIX -5.0%. LAKE -5.0%.
    | Oct. 14, 2014, 5:36 PM | 1 Comment
  • Sep. 26, 2013, 2:31 PM
    • 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.
    | Sep. 26, 2013, 2:31 PM | 2 Comments
  • Sep. 28, 2011, 10:54 AM

    McCormick & Co.'s (MKC -2.75%) FQ3 earnings beat, but profits sank 10% Y/Y on higher raw material costs and a one-time gain last year that skewed comparisons. The company reafirms FY11 guidance to the low end of estimates. For the year, it expects to to grow sales 6% to 8% and sees an EPS of $2.74 to $2.79 versus estimates of $2.78.

    | Sep. 28, 2011, 10:54 AM
Company Description
McCormick & Co., Inc. manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the retail outlets, food manufacturers and foodservice businesses. The company operates its business through two segments: Consumer and Industrial. The Consumer... More
Industry: Processed & Packaged Goods
Country: United States