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Consumer Goods | Processed & Packaged Goods | USA
McCormick Loses More than 10% on Earnings Report
Earnings fall short of expectations in year following acquisition of French's and Frank's brands.
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The Maryland company posted adjusted earnings per share of $1.67 for the fourth quarter, an 8% rise over the $1.54 reported in the same quarter last year, but still lower than analysts' expectations. Zacks Consensus Estimate for McCormick was $1.70 per share.
Fourth-quarter net sales, meanwhile, hit about $1.5 billion, also below expectations. Sales were up 12% from the previous year, however. Net sales for the year were about $5.4 billion.
Adjusted earnings per share for 2018 rose to $4.97 from $4.26 the previous year. If the one-time boost from U.S. tax law were taken into account, non-adjusted earnings per share increased to $7.
For 2019, McCormick projected adjusted earnings per share of $5.17 to $5.27, about a 4% to 6% increase from the previous year. Year-over-year sales are also expected to rise by 1% to 3% and operating income to increase year-on-year by 10% to 12%.
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https://www.thestreet.com/markets/mccorm...yptr=yahoo
![[Bild: MKCc1dl1623.png]](https://finviz.com/publish/012419/MKCc1dl1623.png)
McCormick Loses More than 10% on Earnings Report
Earnings fall short of expectations in year following acquisition of French's and Frank's brands.
...
The Maryland company posted adjusted earnings per share of $1.67 for the fourth quarter, an 8% rise over the $1.54 reported in the same quarter last year, but still lower than analysts' expectations. Zacks Consensus Estimate for McCormick was $1.70 per share.
Fourth-quarter net sales, meanwhile, hit about $1.5 billion, also below expectations. Sales were up 12% from the previous year, however. Net sales for the year were about $5.4 billion.
Adjusted earnings per share for 2018 rose to $4.97 from $4.26 the previous year. If the one-time boost from U.S. tax law were taken into account, non-adjusted earnings per share increased to $7.
For 2019, McCormick projected adjusted earnings per share of $5.17 to $5.27, about a 4% to 6% increase from the previous year. Year-over-year sales are also expected to rise by 1% to 3% and operating income to increase year-on-year by 10% to 12%.
...
https://www.thestreet.com/markets/mccorm...yptr=yahoo
