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McCormick & Co. Inc. (MKC - Analyst Report), processed and packaged food maker, is all set to unveil its second quarter 2012 results on June 27, 2012, before the market opens. The Zacks Consensus Estimate for the second quarter is 61 cents (year-over-year increase of 10.9%). The Zacks Consensus Revenue Estimate for the second quarter is $968 million (year-over-year increase of 9.5%).
First Quarter Overview
McCormick reported first quarter 2012 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate by 2 cents, driven by top-line growth. The first quarter results were also ahead of the company’s guidance of 51 to 54 cents per share. However, earnings lagged the prior-year quarter's figure of 57 cents per share.
Total revenue in the quarter grew 16% year over year to $906.7 million. Revenue also exceeded the Zacks Consensus Estimate of $868.0 million. The completion of acquisition of Kamis S.A. of Poland and joint venture with India based Kohinoor Foods Ltd. in fiscal 2011 contributed to 7% sales growth in the quarter.
(Read our full coverage on this earnings report: McCormick Beats; Affirms Outlook).
Agreement of Estimates Revision
There has been no estimate revision for the current quarter over the last 7 or 30 days. However, for fiscal 2012, 1 of 12 estimates has moved down over the past 30 days. None of the estimates has been revised upwards. Over the past 30 days, 1 of 9 estimates has moved down for the fiscal 2013. There were no revisions over the past 7 days for fiscal 2012 or fiscal 2013.
McCormick earnings are facing increasing pressure from rising raw material costs. The rising input costs along with a negative impact from currency changes are expected to hit the company’s earnings hard in the second quarter of 2012.
Magnitude of Estimate Revisions
Given the limited estimate revisions, the consensus estimate for the second quarter of fiscal 2012 has remained static over the last 7 as well as 30 days at 61 cents. Similarly, the consensus earnings estimate has remained constant at $3.05 per share over the last 7 as well as 30 days for fiscal 2012. However, for fiscal 2013, the estimate has gone down by a penny over the last 30 days from $3.35 to $3.34.
Surprise History
McCormick has surpassed earnings estimates in all of the last four quarters. The company has recorded a maximum positive surprise of 6.19% in the fourth quarter of 2011. On average, the earnings surprise was 4.49%.
Our Recommendation
McCormick, which competes with ConAgra Foods, Inc. (CAG - Analyst Report) and Kraft Foods Inc. (KFT), currently has a Neutral recommendation. The stock carries a Zacks #3 Rank (a short-term ‘Hold’ rating).
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