This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

McCormick's Higher Profit Bland to Investors

(McCormick earnings report corrected to show that the company beat profit expectations.)
SPARKS, Md. ( TheStreet) -- McCormick (MKC - Get Report) shares continued to slide Wednesday after the spice maker missed quarterly revenue expectations on Tuesday.

McCormick said Tuesday it recorded higher net income for the recent quarter as price increases successfully offset commodity cost inflation, but results failed to meet analysts' expectations.

McCormick shares closed lower by 1.6% in Tuesday's session, and fell another 1.7% at midday Wednesday to trade around $47.93 amid heavier-than-normal volume. Around 1.3 million shares changed hands less than halfway through the day's session, compared with their average daily volume of just 838,000.

In the three months ended Feb. 28, McCormick earned $76.8 million, or 57 cents per share, up 13.1% from year-earlier income of $67.9 million, or 51 cents per share.

Revenue rose 2.4% to $782.8 million.

While bottom-line results topped expectations for earnings of $71.7 million, or 54 cents per share, the top-line sales figure came up short. Analysts had expected the spice maker to book revenue of $803 million.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
HSY $100.91 -1.48%
MCD $97.44 -0.45%
MKC $77.11 -1.17%
SBUX $94.70 -1.33%
AAPL $124.43 -1.54%


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs