Business
McCormick rises as cost cuts and rising prices fuel profits
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KEY POINTS TO REMEMBER
- Shares of McCormick jumped premarket Tuesday on a first-quarter earnings report that beat expectations.
- The spice maker also improved its sales, revenue and earnings per share (EPS) figures reported in the year-ago quarter.
- McCormick reaffirmed its full-year 2024 guidance, with sales down flat at 2%, but revenue and EPS up due to previously announced cost-cutting initiatives.
McCormick & Co. (MKC) stock jumped premarket Tuesday after releasing a first-quarter earnings report that beat expectations, with the spice maker confirming its full-year projections. year 2024.
In the first quarter of fiscal 2024, McCormick reported revenue of $1.6 billion, adjusted net income of $169 million and adjusted earnings per share (EPS) of 63 cents. All of these numbers are higher than what McCormick posted in the first quarter of 2023, and also above analyst estimates compiled by Visible Alpha, who predicted McCormick would post a slight decline in all of these categories.
“Looking forward, we are pleased with the momentum we are seeing in the business and continue to expect improved volume performance, which will strengthen throughout the year,” he said. said Brendan Foley, CEO of McCormick. “Our results for the quarter, coupled with our growth plans, give us confidence in achieving the mid- and high-end of our projected constant currency sales growth for 2024. Our business fundamentals are strong and we are confident that we will continue to achieve long-term goals. ultimately, profitable growth and creation of value for shareholders. »
McCormick attributed the price increase to its 3% sales growth and higher gross profit margin compared to last year's quarter, offsetting stagnant demand. The company also attributed its profit margin increase of 140 basis points to cost-cutting initiatives and a favorable product mix.
The company behind Frank's RedHot and Cholula hot sauces, as well as dozens of spices and other condiments and sauces, also said it plans to continue returning a “significant portion” of cash flow to shareholders under form of dividends after approving an 8% increase in the quarterly dividend. in November.
The spice maker reaffirmed its full-year 2024 guidance, forecasting sales of between a 2% decline and flat sales, versus a 5% increase in 2023, with adjusted EPS projected at between 2%. .80 and $2.85, compared to $2.70 posted. for 2023 and analyst estimates of $2.82 compiled by Visible Alpha.
Shares of McCormick rose about 6.7% premarket after Monday's close at $69.94. As of Tuesday, they were down about 5.6% over the past 12 months.
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