BUZZ-Spice maker McCormick rises after 'expected' tepid annual forecasts

Updates

Shares of hot sauce maker McCormick MKC.N reverse premarket losses to rise as much as 4.1% to $76.26 in early trade

Co forecasts annual sales, profit below estimates on weaker demand, increased marketing expenses and unfavorable impact of foreign currency rates

Expects annual net sales to be flat or to grow as much as 2% vs analysts' estimates of 2.4% rise; forecasts adj. EPS between $3.03 and $3.08 vs estimates of $3.11 - data compiled by LSEG

The EPS forecast was largely expected by the market due to recent currency exchange moves, brokerage BNP Paribas Securities says

MKC, however, posts Q4 sales of $1.80 bln, beating estimates of $1.77 bln and adj. EPS of 80 cents, above estimates of 77 cents

MKC rose about 11% in 2024