WASHINGTON (dpa-AFX) - (Adds Outlook)
McCormick & Co. (MKC) announced earnings for fourth quarter that decreased from last year but beat the Street estimates. The company issued fiscal 2025 earnings view, expecting a year-over-year growth, but below market.
In pre-market activity on the NYSE, McCormick shares were trading 2.3 percent lower at $71.57.
Outlook
For fiscal 2025, the company projects earnings per share of $2.99 to $3.04, representing a growth of 2% to 4% from last year.
Adjusted earnings per share would be $3.03 to $3.08, a growth of 3% to 5% from the prior year.
The Wall Street analysts on average expect the company to report earnings of $3.12 per share. Analysts' estimates typically exclude special items.
The company projects full-year net sales growth of 0% to 2% on a reported basis and 1% to 3% at constant currency rates.
Q4 earnings
The company's earnings came in at $215.2 million, or $0.80 per share. This compares with $219.3 million, or $0.81 per share, last year.
McCormick reported adjusted earnings of $216.5 million or $0.80 per share for the period. Analysts had expected the company to earn $0.77 per share.
The company's revenue for the period rose 2.6% to $1.798 billion from $1.752 billion last year.
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