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McCormick misses on Q4 earnings, issues weaker-than-expected guidance

Yahoo Finance Live anchors discuss fourth-quarter earnings for McCormick.

Video Transcript

- We're also watching shares of McCormick, ticker symbol MKC here, reporting an earnings miss on the top and bottom lines. Sales declined 2% for the fourth quarter. The spice maker also issuing some weaker than expected guidance for the year. There you're taking a look at some of the actuals versus the estimates. And it was a miss on both efforts there.

- This is not the first challenging quarter for McCormick. This might be the third or fourth one in a row. And I can't blame myself for it. Because I'm an aggressive buyer of Frank's RedHot sauce. I really do put that shit on every-- or S-H-T--

[LAUGHTER]

--on everything, as the commercials say, as the marketing says. But look, here's another company still dealing with a significant amount of inflation, trying to push through price increases. But consumers pushing back. And then also, a lot consumers still going out to eat in restaurants. And, of course, you're not-- if you're going out to eat at an Olive Garden or et cetera, you're not at home cooking food. And, of course, being at home during the pandemic really helped the likes of McCormick.

- Yeah, the gross profit margins here is not looking great either, 36.8%. So that is down several basis points versus a year earlier and below estimates. The company also blaming part of this on COVID-related disruptions in China. So that that was a problem for them, too. I don't know. I was just thinking about this. I put Yellowbird Sriracha on a lot of stuff--

- What's that?

- --or chili crisp, the like--

- Yes.

- Laoganma, whatever.

- Yes.

- So I have to look at who makes those. I'm not a Frank's RedHot kind of girl.

- I'm not. Yeah, I don't really do the Franks RedHot. I'm sorry.

- OK. All right. Fair enough, guys.

- We actually get our seasoning and some sauces shipped in from Texas. Yeah.

- Oh, well, pardon me.

- [LAUGHS]

- Yeah, this is a custom spice guy over here.

- And also technical analysis.

- Look, I almost had you buy some spices for me from Pike Place.

- That's true.

- That's true.

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