** charts before earnings **
** charts after earnings **
McCormick misses by $0.01, reports revs in-line; guides FY17 EPS above consensus, revs above consensus :
- Reports Q4 (Nov) earnings of $1.27 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $1.28; revenues rose 2.1% year/year to $1.23 bln vs the $1.23 bln Capital IQ Consensus.
- Co issues upside guidance for FY17, sees EPS of $4.05-4.13, excluding non-recurring items, vs. $4.05 Capital IQ Consensus Estimate; sees FY17 revs of 3-5% growth to $4.54-4.63 bln vs. $4.56 bln Capital IQ Consensus Estimate.
- The company expects to drive sales with brand marketing, new products, expanded distribution and the incremental sales impact of acquisitions completed in fiscal year 2016 and from Giotti, acquired in December 2016. Sales are also expected to be driven by pricing actions that are intended to offset an anticipated mid-single digit increase in material costs. The company has plans to achieve approximately $100 million of cost savings and intends to use these savings to improve margins, fund a mid-single digit increase in brand marketing, and as a further offset to increased material costs.
No comments:
Post a Comment