McCormick & Company Inc MKC shares are trading lower Wednesday after the company reported worse-than-expected financial results and lowered full-year earnings guidance.
McCormick said second-quarter revenue declined 1% year-over-year to $1.54 billion, which missed the estimate of $1.61 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 48 cents per share, which missed the estimate of 65 cents per share.
"We are currently navigating a challenging global environment including persistently high cost inflation and supply chain challenges, significant disruption in China from COVID-related lockdowns and the conflict in Ukraine. All these items intensified as our second quarter progressed and impacted our results," said Lawrence Kurzius, chairman and CEO of McCormick.
McCormick said it expects 2022 revenue to grow between 3% and 5% year-over-year. The company expects full-year earnings to be between $3.03 and $3.08 per share versus the estimate of $3.17 per share. McCormick lowered its earnings guidance from the previously reported guidance range of $3.17 to $3.22 per share.
MKC Price Action: McCormick has traded between $107.35 and $77.85 over a 52-week period.
The stock was down 5.02% at $82.49 at time of publication.
Photo: courtesy of McCormick.
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