McCormick & Company Incorporated (NYSE: MKC) surpassed analysts’ expectations for earnings in the third quarter of 2019 but revenues came in shy of estimates. The stock climbed 1.9% in premarket hours on Tuesday.
Net sales inched up 1% to $1.32 billion from the prior-year period, but fell below forecasts of $1.34 billion. In constant currency, sales grew 2%.
Net income was $191.9 million, or $1.43 per share, compared to $173.5 million, or $1.30 per share, last year. Adjusted EPS rose 14% to $1.46, beating estimates of $1.29. Adjusted EPS growth was driven by higher adjusted operating income, lower interest expense and a lower adjusted tax rate.
During the quarter, sales in the Consumer segment grew 3% year-over-year to $794.2 million. In constant currency, sales grew 4%. Sales in the Americas and Asia/Pacific rose both on a reported and constant currency basis, helped by higher volume and product mix. Sales in EMEA decreased due to extreme weather, lower sales of private label products and unfavorable pricing.
In the Flavor Solutions segment, sales fell 2% year-over-year to $535 million. Sales in the Americas and Asia-Pacific fell both on a reported and constant currency basis due to warehouse transition activities and the timing of customers’ promotional activities. In EMEA, sales fell 2% on a reported basis but increased 4% in constant currency, helped by higher volume and product mix.
For full year 2019, the company expects sales growth of 1-2% on a reported basis and 3-4% in constant currency. McCormick increased both its reported and adjusted EPS guidance for the year. GAAP EPS is now expected to be $5.20-5.25 versus the previous range of $5.09-5.19. Adjusted EPS is now expected to be $5.30-5.35 versus the prior outlook of $5.20-5.30.
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