The seasonings maker's sales for the Asia-Pacific region declined 16% from last year.
McCormick stock was dropping Tuesday after the seasonings maker reported revenue below Wall Street expectations as China sales suffered.
McCormick reported adjusted third-quarter earnings of 65 cents a share on revenue of $1.685 billion. Earnings were in line with the expectations of analysts surveyed by FactSet, but revenue was below the consensus call of $1.697 billion. “Our results reflect strong underlying business trends that were in line with our expectations across our business, notwithstanding our Consumer segment in APAC, where the pace of China’s economic recovery has been slower than anticipated,” Chief Executive Brendan Foley said in the earnings release.
Sales for the consumer segment in the Asia-Pacific region in the third-quarter declined 16% from last year, while sales in the Americas and Europe, the Middle East, and Africa regions increased 1.4% and 15%, respectively. Despite a slowdown in China’s economic recovery, total sales for the quarter increased 5.5% from the prior year. McCormick said this increase reflected an 8% hike in prices.Shares of McCormick were down 1.8% in premarket trading Tuesday to $73.35. Coming into the session, the stock has declined 9.9% in 2023.
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