McCormick Stock Gains After Q3 Earnings Beat, Raised EPS Outlook
Portfolio Pulse from Nabaparna Bhattacharya
McCormick & Company (NYSE:MKC) shares rose after the company reported better-than-expected Q3 earnings and raised its full-year EPS outlook. The company posted adjusted EPS of 83 cents, beating the expected 67 cents, and sales of $1.679 billion, surpassing the $1.668 billion consensus. McCormick also increased its fiscal year 2024 EPS outlook and expects strong cash flow, with plans to return a significant portion to shareholders through dividends.
October 01, 2024 | 12:28 pm
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McCormick & Company reported strong Q3 earnings, beating expectations with an EPS of 83 cents and sales of $1.679 billion. The company raised its full-year EPS outlook and expects strong cash flow, planning to return a significant portion to shareholders through dividends.
The positive earnings surprise and raised EPS outlook are likely to boost investor confidence, leading to a short-term increase in MKC's stock price. The company's strong cash flow expectations and commitment to returning cash to shareholders through dividends further support a positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100