The most recent McCormick earnings report has MKC stock falling hard on Thursday.
McCormick (NYSE:MKC) reported earnings per share of $1.67 for the fourth quarter of 2018. This is an increase over its earnings per share $1.54 from the same period of the year prior. However, it was a real blow to MKC stock by missing Wall Street’s earnings per share estimate of $1.70 for the quarter.
The McCormick earnings report for the fourth quarter of the year also includes net income of $214 million. This is better than the company’s net income of $175.70 million that was reported in the fourth quarter of 2017.
McCormick also reported operating income of $294.90 million for the fourth quarter of 2018. The maker of spices, seasonings and condiments reported operating income of $266.90 million during the same time last year.
The McCormick earnings report for the fourth quarter of the year also includes revenue of $1.50 billion. This is a slight improvement over the company’s revenue of $1.49 billion from the fourth quarter of the previous year. Unfortunately for MKC stock, it still isn’t able to match up to analysts’ revenue estimate of $1.55 billion for the period.
McCormick also provides an outlook for 2019 in its earnings report for the fourth quarter of 2019. This includes earnings per share for the year ranging from $5.17 to $5.27. This is bad news for MKC stock as Wall Street is looking for earnings per share of $5.40 for the full year of 2019.
MKC stock was down 12% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.