US spices and seasonings maker McCormick & Co. has cut its net income by 5% in the second quarter of fiscal 2025.
According to a company press release, that figure fell to $175 million, or 65 cents per share, in the March-to-May period, down from $184.2 million (68 cents per share) in the comparable period a year earlier.
Earnings excluding one-time factors came in at 69 cents per share, compared with the average forecast of 65 cents from analysts surveyed by FactSet.
McCormick’s quarterly revenue rose 1% to $1.66bn, matching the consensus forecast.
McCormick worsened its net income forecast for FY 2025 to $2.98-3.03 per share, down from the $2.99-3.04 previously expected. At the same time, the company maintained expectations for adjusted earnings in the range of $3.03-3.08 per share, and still assumes revenue growth of up to 2%.
Analysts forecast an average annual revenue lift of 1.3%, estimated net income of $3.01 per paper and adjusted earnings of $3.02.
McCormick’s stock price is up 5.4%. Over the past three months, the company’s market value fell 4.9% (to $19.75 billion), while the S&P 500 stock index added 7.3%.
McCormick owns such brands as Kamis, Lawry’s, Thai Kitchen and Grill Mates, among others.