McCormick Backs Forecast as Q2 Earnings Rise 9%, Matching View (MKC)

McCormick Backs Forecast as Q2 Earnings Rise 9%, Matching View (MKC)

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Spices and seasonings maker McCormick & Company, Inc. (MKC) on Wednesday posted second quarter earnings that met Wall Street’s expectations.

The Sparks, MD-based company reported second quarter net income of $80.4 million, or 60 cents per share, compared with $73.6 million, or 55 cents per share, in the year-ago period.

Sales rose 11% from last year to $984 million.

On average, Wall Street analysts expected a matching profit of 60 cents per share, on lower revenue of $970 million.

Looking ahead, MKC said it continues to expect 2012 full-year earnings of $3.01 to $3.06 per share, while analysts are looking for $3.05 per share for the year.

McCormick shares were mostly flat in premarket trading Wednesday.

The Bottom Line
Shares of McCormick & Company (MKC) have a 2.16% dividend yield, based on last night’s closing stock price of $53-$54 a share. The stock is trading near all-time highs.

McCormick & Company, Inc. (MKC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.