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McCormick & Co. profit misses consensus by 15.4% in fiscal Q2

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McCormick & Co. profit misses consensus by 15.4% in fiscal Q2

McCormick & Company, Inc. said its normalized net income for the fiscal second quarter ended May 31 was 64 cents per share, compared with the S&P Capital IQ consensus estimate of 76 cents per share.

EPS rose 7.1% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $81.5 million, an increase of 5.5% from $77.3 million in the year-earlier period.

The normalized profit margin increased to 7.3% from 7.3% in the year-earlier period.

Total revenue climbed year over year to $1.11 billion from $1.06 billion, and total operating expenses climbed on an annual basis to $978.6 million from $934.4 million.

Reported net income grew 6.6% from the prior-year period to $99.9 million, or 79 cents per share, from $93.7 million, or 73 cents per share.