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McCormick & Company Inc Issues FY 2013 Guidance Below Analysts' Estimates; Comments On Q1 2013 Guidance


Thursday, 24 Jan 2013 06:30am EST 

McCormick & Company Inc announced that for fiscal 2013, it expects operating income to grow 6% to 8%, earnings per share (EPS) to be in a range of $3.15 to $3.23. As a result of a difficult year-on-year sales comparison for the industrial business and greater pressure from material costs, earnings per share in the first quarter of 2013 is expected to be comparable to the year-ago period, when the Company reported $0.55 earnings per share. In fiscal 2013, the Company expects higher profit to lead to another year of strong cash flow. Sales are projected to grow 3% to 5% in local currency in fiscal 2013, due primarily to higher volume and product mix. The rate of sales growth in the first quarter of 2013 is likely to be below the expected growth rate for the fiscal year. The Company reported revenue of $4.036 billion, EBIT of $578.30 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of revenue of $4.294 billion, EBIT of $652.6 million and EPS of $3.36 for fiscal 2013; revenue of $954 million and EPS of $0.64 for the first quarter of 2013. 

Company Quote

76.29
2.01 +2.71%
19 Dec 2014