5 Key Earnings Reports to Watch

4. McCormick & Company, Incorporated (NYSE:MKC)

Number of Hedge Fund Holders: 34

McCormick & Company, Incorporated (NYSE:MKC) recently reported better-than-expected financial results for its fiscal third quarter. However, it slashed earnings guidance for its full fiscal year, sending its shares down more than three percent on Thursday, 30 September 2021.

The maker of spices and sauces reported adjusted earnings of 80 cents per share for the three months ended 31 August 2021, up from 76 cents per share in the comparable period of 2020. Analysts were expecting McCormick & Company, Incorporated (NYSE:MKC) to report earnings of 72 cents per share.

Revenue rose 8 percent on a year-over-year basis to $1.549 billion, exceeding the consensus forecast of $1.538 billion. McCormick & Company, Incorporated (NYSE:MKC) said the home dining trend in the quarter resulted in higher demand for its products.

However, McCormick & Company, Incorporated (NYSE:MKC) slashed the profit outlook for its fiscal year 2021. It expects to report adjusted earnings in the range of $2.97 – $3.02 per share, compared to its previous guidance between $3 – $3.05 per share.