By Mackenzie Tatananni
McCormick stock fell Tuesday after the spices and seasonings maker reported first-quarter earnings that failed to meet Wall Street's expectations.
Shares fell 3.5% to $77.50 in premarket trading after McCormick posted adjusted earnings of 60 cents a share for the quarter ended Feb. 28, missing analysts' calls for 64 cents, according to FactSet. Revenue of $1.61 billion was in line with analysts' forecasts.
Sales were flat from the previous year, as 2% volume growth was offset by a 2% negative currency impact.
CEO Brendan Foley noted that the company's financial results also were in line with management's expectations "as we are managing a dynamic environment."
McCormick reaffirmed its outlook for the current fiscal year, forecasting adjusted earnings in the range of $3.03 to $3.08 a share. Analysts polled by FactSet were anticipating $3.07 a share. The company also guided for organic sales growth between 1% and 3%. The outlook "reflects plans to offset costs related to U.S. import tariffs on China, " McCormick said.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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March 25, 2025 07:32 ET (11:32 GMT)
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