LONDON, UK / ACCESSWIRE / October 10, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on McCormick & Co., Inc. (NYSE: MKC) ("McCormick"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MKC, following the Company's posting of its financial results on September 28, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The specialty food manufacturer beat revenue expectations and provided guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MKC. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=MKC

Earnings Reviewed

McCormick reported revenues of $1.19 billion for Q3 FY17, up by 9.2% compared to $1.09 billion reported in Q3 FY16. The significant increase in revenue figures for the reported quarter was due to a better product distribution network, new products development, and a good customer retention power of the Company. McCormick's revenues beat analysts' estimates by 3.4%.

The Company's operating income stood at $168.70 million for Q3 FY17, a little higher than the operating income of $167.80 million of Q3 FY16. Due to immense competition in the food industry, the Company spent $57 million on promotion and advertising activities, which was about 15.40% more than it spent in Q3 FY16.

McCormick posted gross profit of 484.40 million for Q3 FY17 compared to $453.90 million in Q3 FY16.

The Company's earnings per share (EPS) stood at $0.85 for the reported quarter, which was about 17% lower than the $1.00 of Q3 FY16. On the other hand, adjusted EPS for the Company stood at $1.12 in the reported quarter compared to $1.03 in Q3 FY16; depicting an 8.74% increase.

Segment Details

McCormick has two business segments: (i) Industrial segment, and (ii) Consumer segment. The operating income for the Consumer segment stood at $117.2 million in Q3 FY17 compared to $124.9 million in Q3 FY16; depicting an approximately 6% decline in the reported quarter.

The operating income for the Industrial segment stood at $51.5 million in Q3 FY17; 20% higher than the $42.9 million of Q3 FY16. The Company's aim for the Industrial segment is to move to more Value Added products, and lower general and administrative expenses.

Cash Matters

McCormick's cash flow from operating activities stood at $303 million for the reported quarter compared to $322.4 million in Q3 FY16.

The Company's cash outflow from investing activities stood at $4,435.1 million for the reported quarter compared to a cash outflow of $201.8 million in Q3 FY16. The Company acquired Reckitt Benckiser's Food Division ("RB Foods"), which resulted in a cash outflow of approximately $4.2 billion and contributed to the Company's growth in the reported quarter. The Company reported cash outflow from financing activities of $4.2 billion in Q3 FY17 compared to a cash outflow of $92.2 million in Q3 FY16.

The cash and cash equivalents more than doubled to $166.1 million for the reported quarter compared to $134.20 million on a q-o-q basis for Q2 FY17.

Outlook

For FY17, McCormick projects EPS to be in the range of $3.69 to $3.73 compared to $3.69 of EPS in 2016. Excluding an estimated $0.51 impact of transaction and integration expenses, including other debt costs from RB Foods as well as special charges in 2017, the Company's adjusted EPS is projected to be in the band of $4.20 to $4.24. In FY17, McCormick expects a sales growth of 9% to 10%. Excluding the impact of unfavorable currency rates, the projected growth is 10% to 11%.

Stock Performance

On Monday, October 09, 2017, the stock closed the trading session at $96.83, slipping 1.38% from its previous closing price of $98.18. A total volume of 1.23 million shares have exchanged hands. McCormick's stock price advanced 0.60% in the past three months and 1.33% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 3.75%. The stock is trading at a PE ratio of 26.82 and has a dividend yield of 1.94%. The stock currently has a market cap of $12.87 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily