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MarketScreener Homepage  >  Equities  >  Nyse  >  McCormick & Company    MKC

MCCORMICK & COMPANY

(MKC)
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McCormick Leans On Zatarain's, Frank's Brands To Drive Growth

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06/27/2019 | 04:12pm EDT

By Micah Maidenberg

McCormick & Co. said stronger sales of products like Zatarain's frozen foods in its consumer business covering the U.S. offset weaker demand for spices in the latest quarter, a business hurt by this year's late Easter.

Easter landed on April 21 this year, almost three weeks later than in 2018. Food makers watch holidays closely, as they can inspire consumers to pile into stores and scoop up seasonally themed products. In April, Hershey Co. said it benefited from higher demand for candy in the longer run up to Easter.

But for McCormick, the relatively late date meant a delayed start to when consumers pulled out their grills and purchased spices and other grill-related products.

"It compressed the front end of the grilling season," Chief Executive Lawrence Kurzius said Thursday in an interview, adding that the late Easter pushed back when retailers switched merchandising displays to those focused on grilling.

Sales of the company's consumer products in the Americas, however, rose 2% excluding currency fluctuations. Frank's RedHot hot sauces helped to drive growth in the region.

Overall, sales of $1.3 billion were flat compared with last year, but roughly in line with expectations of analysts polled by FactSet. Excluding currency fluctuations, sales were up 3%.

Shares of the Hunt Valley, Md.-based company rose about 3.5% on Thursday to close at $155.87.

The company notched gains in overseas markets, including in India and Australia, where it has been expanding distribution of staples in the U.S., French's mustard and Frank's sauces.

McCormick's business selling products used in restaurants in China slowed down, amid a broader economic slowdown in the country. Gross-domestic product in China grew at a 6.4% rate in the first quarter, the second straight period that was weaker than last year's full-year gain of 6.6%.

"Anecdotally, we're certainly getting a lot of feedback from our organization in China that it's foodservice and restaurant sales that are slow," Mr. Kurzius told analysts on a call.

McCormick's profit rose 21% from a year earlier to $149.4 million, or $1.12 a share. Earnings on an adjusted basis also came in ahead of analysts' expectations.

The company on Thursday also raised its outlook for adjusted profit. McCormick now expects those earnings to be between $5.20 a share and $5.30 a share, an increase of 3 cents a share from its past forecast.

--Allison Prang contributed to this article.

Write to Micah.Maidenberg at Micah.Maidenberg@WSJ.com

(MORE TO FOLLOW) Dow Jones Newswires

06-27-19 1812ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP 0.80% 26.58 End-of-day quote.9.08%
LONDON SUGAR -0.45% 307.7 End-of-day quote.-7.87%
MCCORMICK & COMPANY 0.85% 162.38 Delayed Quote.16.62%
NEW YORK COCOA 1.95% 2191 End-of-day quote.-9.43%
THE HERSHEY COMPANY 0.26% 158.38 Delayed Quote.47.77%
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Financials (USD)
Sales 2019 5 415 M
EBIT 2019 993 M
Net income 2019 700 M
Debt 2019 4 123 M
Yield 2019 1,39%
P/E ratio 2019 31,1x
P/E ratio 2020 29,0x
EV / Sales2019 4,74x
EV / Sales2020 4,52x
Capitalization 21 522 M
Chart MCCORMICK & COMPANY
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Technical analysis trends MCCORMICK & COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 151,33  $
Last Close Price 162,38  $
Spread / Highest target 10,9%
Spread / Average Target -6,80%
Spread / Lowest Target -33,5%
EPS Revisions
Managers
NameTitle
Lawrence Erik Kurzius Chairman, President & Chief Executive Officer
Michael R. Smith Chief Financial Officer & Executive Vice President
Hamed Faridi Chief Scientific Officer
Freeman A. Hrabowski Independent Director
Margaret Mary V. Preston Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
MCCORMICK & COMPANY16.62%21 341
NESTLÉ S.A.35.29%320 272
MONDELEZ INTERNATIONAL35.65%78 309
DANONE31.04%57 936
THE HERSHEY COMPANY48.12%33 271
GENERAL MILLS39.42%32 818