UPDATE: McCormick Posts 13% Rise In FQ3 Profit, Lifts Full-Year Forecast
McCormick & Co (NYSE: MKC) reported a 13% rise in its fiscal third-quarter earnings and lifted its full-year earnings forecast.
McCormick now projects full-year earnings of $3.03 to $3.08 per share.
McCormick's quarterly profit surged to $104.4 million, or $0.78 per share, from $92 million, or $0.69 per share, in the year-ago period.
Its sales rose 6.2% to $977.7 million. However, analysts were expecting earnings of $0.76 per share on revenue of $990 million.
McCormick's gross margin rose to 40.1% from 39.6%, while input costs gained 5.4%.
Its consumer business sales increased 8.9% to $568.3 million.
McCormick shares dropped 3.37% to $60.77 in pre-market trading.
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