SmarTrend(R) News Watch: McCormick Misses Estimates, Reiterates Disappointing Guidance
Thu. June 25, 2009; Posted: 07:33 AM
Jun 25, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- McCormick & Company (NYSE:MKC) reported fiscal Q2 EPS of 38 cents, ex-items, missing consensus estimates of 41 cents. Revenues in the quarter slipped 0.9% year-over-year to $757 million, and came in short of consensus estimates of $781.3 million. The company reaffirmed its 2009 EPS projection of $2.24 to $2.28, vs. consensus estimates of $2.30. Alan D. Wilson, Chairman, President and CEO, stated "We are effectively navigating through a difficult global economic environment. We were able to manage an unexpected bankruptcy cost this quarter, along with further volatility in raw material costs and foreign currency exchange rates, and still deliver our targeted profit growth."
Write to Chip Brian at cbrian@tradethetrend.com
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