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Wed, September 30 at 4:00PM ET

McCormick Earnings: MKC Stock Soars 7% on Q3 Beat

MKC beat EPS estimates by 17 cents

McCormick (NYSE:MKC) earnings for the seasoning company’s third quarter of 2019 has MKC stock heading higher on Tuesday. That increase comes from its adjusted earnings per share of $1.46. This beats out Wall Street’s estimate of $1.29 for the quarter. Revenue was $1.33 billion, which is just below analysts’ estimate of $1.34 billion.

McCormick Earnings: MKC Stock Soars 7% on Q3 Beat
Source: Arne Beruldsen / Shutterstock.com

Now for a closer look at the most recent McCormick earnings report.

  • Per-share earnings were up 14.10% YoY.
  • Revenue was up 1% from $1.32 billion reported during the same time last year.
  • Operating income of $253.50 million was up 10.27% from $229.90 million in the third quarter of 2018.
  • The McCormick earnings report also has net income coming in at $191.90 million.
  • This is up 10.61% from MKC’s net income of $173.50 million from the same period of the year prior.

Lawrence Kurzius, Chairman, President and CEO of MKC, has this to say about the most recent McCormick earnings.

“We delivered strong sales and operating profit growth while also making investments for the future. In addition to sales growth in the third quarter, we drove strong adjusted operating profit growth and 160 basis points of adjusted operating margin expansion.”

The McCormick earnings report also includes an update to its earnings per share outlook for 2019. The company is bumping its adjusted earnings per share guidance up to between $5.30 and $5.35. The previous outlook ranged from $5.20 to $5.30. This has the low end of the outlook above Wall Street’s estimate of $5.28 for the year.

MKX stock was up 7.40% as of Tuesday afternoon and is up 15% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/10/mccormick-earnings-send-mkc-stock-soaring/.

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