McCormick & Company, Incorporated MKC came out with first-quarter fiscal 2018 results, wherein adjusted earnings of $1.00 per share came ahead of the Zacks Consensus Estimate of 91 cents and surged 31.6% year-over-year.
The company now expects adjusted earnings for fiscal 2018 in a range of $4.85-$4.95 per share, reflecting a 14-16% growth year-over-year. This includes an expected positive impact of nearly one percentage point from currency fluctuations.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has remained unchanged over the past 30 days. Further, if we look at McCormick’s performance in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 4.3%.
McCormick & Company, Incorporated Price and EPS Surprise
McCormick & Company, Incorporated Price and EPS Surprise | McCormick & Company, Incorporated Quote
Revenues: McCormick generated net sales of approximately $1,237.1 million that advanced 18.5% year over year and also topped the Zacks Consensus Estimate of $1,235 million. On a currency-neutral basis, sales jumped 15%, gaining from strength across both segments.
The company now expects fiscal 2018 sales to advance nearly 13%-15%, including a two-percentage point positive impact from currency movements.
Zacks Rank: Currently, McCormick carries a Zacks Rank #3 (Hold) which is subject to change following the just released earnings results. You can see the complete list of today’s Zacks #1 Rank stocks here.
Check back later for our full write up on McCormick’s earnings report!
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