McCormick & Co. Inc. (NYSE:MKC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
McCormick & Co. Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 3.64% to $0.57 in the quarter versus EPS of $0.55 in the year-earlier quarter.
Revenue: Rose 3.06% to $934.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: McCormick & Co. Inc. reported adjusted EPS income of $0.57 per share. By that measure, the company beat the mean analyst estimate of $0.56. It beat the average revenue estimate of $922.66 million.
Quoting Management: Alan D. Wilson, Chairman, President and CEO, commented, “Our financial results for the first quarter included strong growth in our consumer business, earnings per share slightly ahead of our initial outlook and a great start to cash flow for 2013. We were pleased to achieve these results in a challenging environment, and I thank employees throughout McCormick who are delivering high performance and contributing to our success.”
Key Stats (on next page)…
Revenue decreased 18.45% from $1.15 billion in the previous quarter. EPS decreased 48.65% from $1.11 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.68 to a profit $0.65. For the current year, the average estimate has moved down from a profit of $3.36 to a profit of $3.21 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)