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McCormick & Co. profit misses consensus by 15.8% in fiscal Q3

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McCormick & Co. profit misses consensus by 15.8% in fiscal Q3

McCormick & Company, Inc. said its normalized net income for the fiscal third quarter ended Aug. 31 was 73 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS fell year over year from 75 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $94.3 million, a decrease from $97.7 million in the year-earlier period.

The normalized profit margin declined to 8.9% from 9.4% in the year-earlier period.

Total revenue grew on an annual basis to $1.06 billion from $1.04 billion, and total operating expenses increased on an annual basis to $905.3 million from $883.2 million.

Reported net income fell 20.0% from the prior-year period to $98.2 million, or 76 cents per share, from $122.8 million, or 94 cents per share.