McCormick Reports Disappointing Quarter

The company cut its profit forecast for the year.

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HUNT VALLEY, Md. (AP) — McCormick & Co. on Wednesday reported fiscal second-quarter net income of $118.5 million.

On a per-share basis, the Hunt Valley, Maryland-based company said it had net income of $0.44. Earnings, adjusted for non-recurring costs, came to $0.48 per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $0.65 per share.

The spices and seasonings company posted revenue of $1.54 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $1.62 billion.

The company cut its profit forecast for the year after the disappointing results. McCormick expects full-year earnings in the range of $3.03 to $3.08 per share.

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