McCormick & Co. may not have been able to spice things up yet with its recent quarterly report. The producer of condiments and seasonal mixes saw its shares decline nearly -13% on Thursday, after it reported earnings that fell short of analysts’ estimates.
The company posted adjusted earnings of $1.67 per share for the fourth quarter, which was lower than Zacks Consensus Estimate of $1.70 per share. However, the earnings-per-share was still +8% higher compared to the same quarter a year ago.
Net sales of $1.5 billion also could not match up to analysts’ expectations, but experienced a +12% increase from the year-ago period.
For the full-year 2018, adjusted earnings per share rose to $4.97, from $4.26 of the previous year.
For 2019, McCormick expects its adjusted earnings per share to increase in the range of 4%-6% from the preceding year. It projects sales growth of 1%-3% for the year.