WASHINGTON (dpa-AFX) - Food company McCormick & Company, Inc. (MKC) reported Thursday sharply lower profit in its third quarter, despite higher sales. Further, the firm confirmed fiscal 2026 outlook.
For the third quarter, net income attributable plunged to $97.6 million from $225.5 million last year.
Earnings per share were $0.36 in the third quarter, compared to $0.84 last year.
Adjusted earnings per share were $0.86, compared to $0.85 a year ago.
Total net sales climbed 17.4 percent to $2.025 billion from $1.725 billion last year. Organic sales growth was 1.9 percent.
Looking ahead for fiscal year 2026, McCormick reaffirmed its net sales growth, adjusted operating income and adjusted earnings per share outlook.
For fiscal 2026, the company expects adjusted earnings per share of $3.05 to $3.13, with growth to be in the range of 2 percent to 5 percent, and adjusted operating income growth of 16 percent to 20 percent, on net sales growth of 13 percent to 17 percent. On a constant currency basis, net sales would grow 12 percent to 16 percent.
For fiscal 2025, McCormick had recorded an adjusted income of $3 per share, with an adjusted operating profit of $1.094 billion, on net sales of $6.840 billion.
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