Categories AlphaGraphs, Consumer, Earnings

MKC Earnings: McCormick & Company Q2 profit declines on lower revenues

McCormick & Company, Incorporated (NYSE: MKC) on Wednesday reported a decline in second-quarter adjusted earnings, reflecting a modest drop in net sales.

Revenues of the Baltimore-based food company decreased 1% annually to $1.54 billion in the April quarter, though inflationary pressures weighed on demand to some extent.

Adjusted net income, excluding special items, decreased to $0.48 per share from $0.69 per share last year. Unadjusted net income was $118.5 million or $0.44 per share in the second quarter, compared to $183.7 million or $0.68 per share in the same period of last year.

Check this space to read management/analysts’ comments on McCormick’s Q2 results

“McCormick’s long-term performance, including through the pandemic and other volatility, has been industry-leading and met or exceeded our financial objectives. We are currently navigating a challenging global environment including persistently high cost inflation and supply chain challenges, significant disruption in China from COVID-related lockdowns and the conflict in Ukraine. All these items intensified as our second quarter progressed and impacted our results,” said Lawrence Kurzius, CEO of McCormick & Company.

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

MKC Earnings: Key quarterly highlights from McCormick & Company’s Q1 2023 financial results

McCormick & Company, Incorporated (NYSE: MKC) reported first quarter 2023 earnings results today. Sales increased 3% year-over-year to $1.56 billion. Sales growth was 5% in constant currency. Net income was $139.1

Earnings: Trxade Health (MEDS) reports 16% rise in FY22 revenue; loss narrows

Trxade Health, Inc. (NASDAQ: MEDS), a leading health service IT company, reported a double-digit increase in revenues for fiscal 2022. The company's full-year net loss narrowed from the prior year.

Can KB Home (KBH) beat market headwinds in 2023?

KB Home (NYSE: KBH) has been expanding its presence beyond the key markets lately, while also diversifying homebuilding operations by offering highly customized options to customers. The downturn in the

Add Comment
Viewing Highlight