McCormick (MKC) reported earnings on Thur 25 Jan 18 (BMO)

McCormick beats by $0.02, reports revs in-line; guides FY18 EPS, revs above consensus 

• Reports Q4 (Nov) earnings of $1.54 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.52; revenues rose 21.5% year/year to $1.49 bln vs the $1.48 bln Capital IQ Consensus.
• Gross profit margin increased 80 basis points versus the year-ago period. This expansion was driven by our shift in the portfolio to more value-added products and CCI-led cost savings, partially offset by the RB Food's transaction expenses related to the acquisition-date fair value adjustment of inventories.
• Co issues upside guidance for FY18, sees EPS of $4.80-4.90, excluding non-recurring items, vs. $4.71 Capital IQ Consensus Estimate; sees FY18 revs of $5.41-5.51 bln (+12-14%) vs. $5.4 bln Capital IQ Consensus Estimate.