McCormick (NYSE:MKC, NYSE:MKC.V) earnings for the third quarter of fiscal year 2020 have MKC stock down on Tuesday morning. This is after reporting adjusted earnings per share (EPS) of $1.53, while analysts were expecting $1.52 for the quarter. The company also reported revenue of $1.43 billion, which is also above Wall Street’s estimate of $1.39 billion.
Additionally, McCormick reported GAAP EPS of $1.55 for the period.
The following numbers are also worth mentioning from the most recent McCormick earnings report.
- Adjusted EPS is up 4.8% from $1.46 during Q3 2019.
- Revenue for the quarter comes in 7.5% higher than the $1.33 billion during the same time last year.
- Operating income of $273 million is up 7.7% year-over-year from $253.5 million.
- The McCormick earnings report also includes a net income of $206.1 million.
- That’s 7.4% better than $191.9 million from the third quarter of 2019.
- The company also announced a 2-for-1 stock split.
Lawrence E. Kurzius, chairman, president and CEO of McCormick, said this about the MKC stock earnings report:
“Our results for the third quarter continued to be significantly impacted by the sustained consumer preference for cooking more at home. Our outstanding consumer segment growth was driven by the substantial increase in demand reflecting the change in consumer behavior and fueled by our brand marketing, strong consumer digital connections and new products. In our flavor solutions segment, lower demand from our restaurant and other foodservice customers improved sequentially from the second quarter and were almost fully offset by increased sales to packaged food companies. Taken together, these impacts continue to demonstrate the strength and diversity of our offering.”
The McCormick earnings report does mention some guidance for the remainder of FY2020. This includes the company expecting to grow its sales “at the upper end of a 4% to 5% range” compared to last year. Also, McCormick is looking for EPS in the range of $5.60 to $5.68 compared to $5.24 in 2019.
MKC stock was down 3.8% on Tuesday.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.