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