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Investing.com -- McCormick & Co. (NYSE:MKC) reported fourth quarter earnings that surpassed analyst expectations, with revenue rising 3% year-over-year. However, the spice and flavoring company's full-year 2025 guidance fell short of Wall Street estimates.
The company posted adjusted earnings per share of $0.80 for the quarter, beating the analyst consensus of $0.77. Revenue came in at $1.79 billion, topping estimates of $1.77 billion and representing a 3% increase from the same period last year. The sales growth was primarily driven by volume gains and included a 1% benefit from currency effects.
For the full fiscal year 2024, McCormick reported a 1% increase in sales, with minimal currency impact. The company's adjusted earnings per share for the year rose to $2.95 from $2.70 in 2023.
Looking ahead, McCormick provided guidance for fiscal year 2025, projecting earnings per share in the range of $3.03 to $3.08. This outlook falls below the current analyst consensus of $3.12 per share.
Brendan M. Foley, Chairman, President, and CEO, commented on the results, stating, "We are pleased to report strong performance for both fourth quarter and fiscal year 2024, an important year for McCormick, in which we built momentum and strengthened our leadership, returning to differentiated and sustainable volume-led growth."
The company highlighted its focus on core categories, which enabled positive volume growth, margin expansion, and robust earnings growth. McCormick also noted strong cash flow generation, debt reduction, and a strengthened balance sheet for the year.
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