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McCormick (MKC) Q2 Earnings & Sales Top the Zacks Consensus

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McCormick & Company, Incorporated (MKC - Free Report) came out with second-quarter fiscal 2018 results, wherein adjusted earnings of $1.02 per share came ahead of the Zacks Consensus Estimate of 93 cents and surged 24% year-over-year.

The company still 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 6.1%.

Revenues: McCormick generated net sales of approximately $1,327.3 million that advanced nearly 19% year over year and also topped the Zacks Consensus Estimate of $1,315 million.

The company 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 #4 (Sell) 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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