Shares of seasonings and spices maker McCormick & Company, Incorporated (MKC) are falling more than 9% Tuesday morning after reporting lower profit in the third quarter.
Net income in the third quarter declined to $170 million or $0.63 per share from $222.9 million or $0.82 per share in the same quarter a year ago, primarily due to other income recorded in the previous-year quarter, higher than this year’s. Other income was $7.1 million in the latest quarter compared with $77.4 million last year.
Excluding one-time items, adjusted earnings per share dropped to $0.65 from $0.69 a year ago, in line with the average estimate of analysts polled by Thomson-Reuters of $0.65 per share.
Net sales, however, increased to $1.685 billion from $1.596 billion in the previous year, but missed the consensus estimate of $1.7 billion.
MKC. currently at $67.57, has been trading in the range of $67.56 – $94.39 in the last 52 weeks.
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