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