Shares of McCormick & Company (NYSE: MKC) -- maker of spices, seasonings, and condiments -- dropped on Tuesday after it announced financial results for its fiscal third quarter of 2023. Q3 results (covering the quarterly period that ended in August) came up short of expectations due to weaker-than-expected results in China. As of 2:50 p.m. ET, McCormick stock was down 8% but had been down almost 11% earlier in the trading session.
McCormick's (MKC) third-quarter fiscal 2023 results reflect gains from higher pricing, favorable demand and cost optimization. Management raises the bottom-line view.
Although the revenue and EPS for McCormick (MKC) give a sense of how its business performed in the quarter ended August 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.