McCormick Earnings: MKC Stock Ticks Lower on Mixed Q1

MKC beat EPS estimates, missed revenue

McCormick (NYSE:MKC, NYSE:MKC-V) earnings for the fiscal first quarter of 2020 have MKC stock slightly lower on Tuesday afternoon. This is after reporting adjusted earnings per share (EPS) of $1.08, while analysts were expecting adjusted per-share earnings of $1.03 for the quarter. The company also reported revenue of $1.21 billion, which is below Wall Street’s estimate of $1.23 billion.

McCormick Earnings: MKC Stock Ticks Lower on Mixed Q1
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The following numbers are also worth mentioning from the most recent McCormick earnings report.

  • Adjusted EPS is down 3.57% from $1.12 during Q1 2019.
  • Revenue for the quarter comes in 1.63% lower than the $1.23 billion during the same time last year.
  • Operating income of $194.2 million is down 1.37% year-over-year from $196.9 million.
  • The McCormick earnings report also includes a net income of $144.7 million.
  • That’s 2.23% worse than $148 million from the first quarter of 2019.

Lawrence E. Kurzius, chairman, president and CEO of McCormick, said this about the MKC stock earnings report:

“Our first quarter results were significantly impacted by the extraordinary disruption in China’s consumption related to the COVID-19 outbreak. Lower operating results from this impact offset the otherwise solid sales, operating income and earnings per share growth we delivered in the first quarter driven by the successful execution of our strategies and engagement of employees. We are confident our underlying foundation remains strong.”

The McCormick earnings report does not include guidance. The company said it is withdrawing its fiscal 2020 guidance due to effects of the novel coronavirus.

MKC stock was down 1.4% as of Tuesday’s close.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/03/mccormick-earnings-mkc-stock-ticks-lower-mixed-q1/.

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