Tiger Brokers

BUZZ-Spice maker McCormick dips as annual results forecast below estimates

Reuters
Jan 23, 2025
BUZZ-Spice maker McCormick dips as annual results forecast below estimates

** Shares of hot sauce maker McCormick MKC.N down ~2% at $71.99 premarket

** Co forecasts annual sales and profit below estimates owing to weaker demand, increased marketing expenses and unfavorable impact of foreign currency rates

** Expects annual net sales to be flat or grow as much as 2% vs analysts' estimates of 2.4% rise - data compiled by LSEG

** Sees FY25 adj. earnings per share between $3.03 and $3.08 vs estimates of $3.11

** However, MKC posts Q4 sales of $1.80 bln vs estimates of $1.77 bln

** Logs quarterly adj. profit of 80 cents per share vs estimates of 77 cents per share

** MKC rose about 11% in 2024

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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