Earnings To Watch: McCormick (MKC) Reports Q3 Results Tomorrow

Food flavoring company McCormick (NYSE:MKC) will be reporting results tomorrow before market open. Here’s what investors should know.

McCormick met analysts’ revenue expectations last quarter, reporting revenues of $1.64 billion, flat year on year. It was a strong quarter for the company, with a decent beat of analysts’ organic revenue growth and earnings estimates.

Is McCormick a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting McCormick’s revenue to decline 1.1% year on year to $1.67 billion, a reversal from the 5.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.67 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. McCormick has missed Wall Street’s revenue estimates four times over the last two years.

Looking at McCormick’s peers in the consumer staples segment, only General Mills has reported results so far. It met analysts’ revenue estimates, posting year-on-year sales declines of 1.2%. The stock traded up 0.5% on the results.

Read our full analysis of General Mills’s earnings results here.

Investors in the consumer staples segment have had steady hands going into earnings, with share prices up 1.8% on average over the last month. McCormick is up 2.8% during the same time and is heading into earnings with an average analyst price target of $79.88 (compared to the current share price of $83.51).

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