Why Frank's RedHot Sauce Maker McCormick's Stock Is Sliding Today?
Portfolio Pulse from Shivani Kumaresan
McCormick & Company reported Q3 FY23 sales growth of 6% YoY to $1.684 billion, missing the analyst consensus estimate of $1.70 billion. Consumer segment sales rose 1% to $937.1 million, and Flavor Solutions Segment increased 11.9% to $747.6 million. The company reaffirmed FY23 revenue growth guidance of 5% - 7% and raised FY23 Adjusted EPS outlook to $2.62 - $2.67 from $2.60 - $2.65. MKC shares are trading lower by 4.94% in premarket.
October 03, 2023 | 12:33 pm
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NEGATIVE IMPACT
McCormick's Q3 FY23 sales missed analyst estimates, leading to a drop in its stock price.
McCormick's lower than expected Q3 sales have led to a negative market reaction, with its stock price dropping in premarket trading. This indicates that the market had higher expectations for the company's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100