Latest news with #BrendanFoley
CNBC
2 hours ago
- Business
- CNBC
Consumers are cooking at home more than before the pandemic, says McCormick CEO
CNBC's "Mad Money" host Jim Cramer is joined by McCormick CEO Brendan Foley to discuss the company's tariff strategy, its latest earnings results and more.
CNBC
2 hours ago
- Business
- CNBC
McCormick is well-positioned to fully mitigate tariff impact in 2025, says CEO
CNBC's "Mad Money" host Jim Cramer is joined by McCormick CEO Brendan Foley to discuss the company's tariff strategy.
Business Upturn
11 hours ago
- Business
- Business Upturn
McCormick shares jump over 5% as Q2 earnings beat estimates; company reaffirms full-year outlook
By Aditya Bhagchandani Published on June 26, 2025, 20:29 IST Shares of McCormick & Company surged over 5% to $77.68 in Thursday's session after the spice maker reported better-than-expected second-quarter earnings and outlined plans to manage potential tariff-related costs. The company posted adjusted earnings per share (EPS) of $0.69, surpassing analysts' expectations of $0.66. Revenue rose 1% year-over-year to $1.66 billion, in line with market estimates. Growth was driven by a 1.3% increase in volume and mix, with notable gains of 3.6% in the Asia-Pacific region, 3.5% in the Americas, and 2.2% in Europe, the Middle East, and Africa. CEO Brendan Foley stated that McCormick remains 'well positioned with robust plans to mitigate current tariff-related costs,' adding that the company will continue to fuel growth investments and expand operating margins. McCormick also reaffirmed its full-year outlook, expecting adjusted EPS between $3.03 and $3.08, with revenue forecasted to remain flat or increase up to 2%. The company said it was prepared to navigate the impact of a 10% U.S. tariff on imports, an incremental 30% tariff on Chinese imports, and reciprocal tariffs from other countries. At 10:57 AM EDT, McCormick shares were up 5.49%, marking one of the stronger stock moves in the consumer staples sector for the day. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
11 hours ago
- Business
- Yahoo
Spice Maker McCormick Tops Profit Estimates, Says It Can Mitigate Tariff Costs
McCormick reported higher-than-anticipated earnings as volume/mix increased. The spicemaker posted gains in each of its global makets. McCormick affirmed its full-year outlook, saying it has plans to offset higher costs from of McCormick (MKC) surged Thursday as the spice maker posted better-than-expected profit on a higher volume and product mix, and said it was in a position to deal with the impact of higher tariffs. The company behind its eponymous seasonings and Cholula hot sauce reported fiscal second-quarter adjusted earnings per share (EPS) of $0.69 on revenue that increased 1% year-over-year to $1.66 billion. Analysts surveyed by Visible Alpha were looking for $0.66 and $1.66 billion, respectively. Volume/mix grew 1.3%, led by a 3.6% gain in the Asia-Pacific region and 3.5% rise in the Americas. It was 2.2% higher in Europe, the Middle East, and Africa. CEO Brendan Foley explained that McCormick is "managing in a dynamic environment." Foley added that the company was "well positioned with our robust plans to mitigate current tariff related costs, fuel growth investments, and expand operating margins." The company affirmed its full-year guidance on expectations of "a 10% tariff on all U.S. imported goods, an incremental 30% tariff on goods imported from China into the U.S. as well as reciprocal tariffs from other countries." It added that most of its U.S. imports "are currently compliant with the United States-Mexico-Canada Agreement." McCormick sees adjusted EPS of $3.03 to $3.08, with revenue flat to up 2%. The news sent McCormick shares up 5% and into positive territory for 2025. Read the original article on Investopedia Sign in to access your portfolio
Reuters
15 hours ago
- Business
- Reuters
Spice maker McCormick beats quarterly profit estimates on cost-saving efforts
June 26 (Reuters) - Flavoring products maker McCormick (MKC.N), opens new tab on Thursday beat Wall Street estimates for second-quarter profit, aided by the resilient demand for its higher-priced products and cost-saving initiatives. Waning consumer confidence has led to customers opting to eat at home more than dining out, boosting sales for packaged foods companies such as McCormick despite the looming economic uncertainty. "We are well positioned with our robust plans to mitigate current tariff related costs, fuel growth investments, and expand operating margins," CEO Brendan Foley said. The Cholula hot sauce maker's heavy marketing and promotional investments have also brought back customers previously lost to lower-priced competitors, including private label brands. The Hunt Valley, Maryland-based company's quarterly volumes rose 1.3%, while its prices were up 0.3% from a year ago. McCormick plans to mitigate the additional tariff-led costs through product-sourcing strategies and cost-savings initiatives under its comprehensive continuous improvement program. The company reaffirmed its annual forecasts, taking into consideration the 10% tariff on U.S. imported goods and an incremental 30% tariff on goods from China. For the fiscal year, McCormick expects flat to 2% increase in sales and adjusted earnings per share of $3.03 to $3.08. Most of its U.S. imports from Mexico and Canada are compliant with the country's trade agreement, the company said. The spice and seasoning maker's net sales rose 1% to $1.66 billion in the quarter ended May 31, in line with estimates. Its quarterly adjusted profit per share of 69 cents beat expectations of 66 cents, according to data compiled by LSEG. Shares of the company were up 4% in premarket trading following the results.
