McCormick stock advances as profit beats analyst estimates

McCormick & Co. Inc.'s stock (MKC) was up 3% in premarket trading on Tuesday after the spice maker cited its "differentiated heat platform" as wells as effective cost-containment as it posted stronger-than-expected third-quarter profit McCormick said its net income for the three months ended Aug. 31 rose to $223.1 million, or 83 cents a share, from $170.1 million, or 63 cents a share in the year-ago quarter. McCormick's adjusted earnings of 83 cents a share beat the FactSet consensus estimate of 67 cents a share. Third-quarter revenue dipped slightly to $1.68 billion from $1.69 billion in the year-ago quarter, but was just ahead of the analyst estimate of $1.67 billion. Looking ahead, McCormick expects full-year 2024 earnings of $2.85 to $2.90 a share, compared to the analyst estimate of $2.87 a share.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

10-01-24 0705ET

Copyright (c) 2024 Dow Jones & Company, Inc.