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MarketScreener Homepage  >  Equities  >  Nyse  >  McCormick & Company    MKC

MCCORMICK & COMPANY

(MKC)
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McCormick mpany : Mr Kipling campaign powers Premier Foods growth

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07/17/2019 | 02:47am EDT
Boxes of OXO stock cubes are seen on the shelf of a supermarket in Manchester

(Reuters) - Bisto gravy and OXO cube maker Premier Foods reported higher group sales in the first quarter as its Mr Kipling cakes and Batchelors brands benefited from a TV advertising push.

The company said group sales rose 1.1% in the 13 weeks ended June 29, helped by a 10% rise in Mr Kipling sales, which was relaunched last year.

Group sales in Britain rose 2.6%, while international sales fell 18% as sales in Ireland slowed due to the unwinding of Brexit related stock in Irish customers' supply chains.

The company said it expected the international business to return to sales growth in the coming quarters, even as it continues with its strategic review.

Premier Foods decided to review options earlier this year after former boss Gavin Darby left in January.

He was under shareholder pressure following a drop in the share price after a takeover attempt by U.S. food maker McCormick & Co Inc fell through three years ago.

The Ambrosia rice pudding maker is still on the lookout for a permanent chief executive.

The company said Cadbury cake sales grew in the UK because of the later timing of Easter compared to last year and improved seasonal ranges.

Premier said to support the demand growth in Mr Kipling, it would launch a new range of 'Signature' cakes in the second quarter.

The company, which stuck to its full-year guidance, said it expects better performance in the second half of the year.

(Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham)

Stocks mentioned in the article
ChangeLast1st jan.
MCCORMICK & COMPANY -0.97% 160.8 Delayed Quote.15.48%
PREMIER FOODS PLC 0.74% 34 Delayed Quote.3.03%
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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 1,40%
P/E ratio 2019 30,8x
P/E ratio 2020 28,7x
EV / Sales2019 4,70x
EV / Sales2020 4,48x
Capitalization 21 317 M
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Technical analysis trends MCCORMICK & COMPANY
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 12
Average target price 151,33  $
Last Close Price 160,80  $
Spread / Highest target 11,9%
Spread / Average Target -5,89%
Spread / Lowest Target -32,8%
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 & COMPANY15.48%21 317
NESTLÉ S.A.35.71%318 682
MONDELEZ INTERNATIONAL33.97%77 343
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THE HERSHEY COMPANY46.51%32 910
GENERAL MILLS37.72%32 365