Before the opening bell on Tuesday, McCormick & Company (MKC) released its first quarter financial results. Here’s what the results mean for mutual fund investors.
Inside MKC's Results
The company reported earnings of $70.5 million, or 55 cents per share. Last year, the company reported earnings of $82.5 million, or 62 cents per share. Adjusted EPS was 70 cents, coming in above analysts’ view of 64 cents.
Sales rose 2% to $1.01 billion from $993 million. On average, analysts expected to see $985 million in revenue.
For FY12015, MKC expects to see adjusted EPS between $3.44 and $3.51. This guidance is down from the company’s previous outlook of EPS between $3.51 and $3.58.
Another Company Faced With Currency Pressures
The company reported a decline in profits for the first quarter, citing special items and continued currency pressures from the stronger dollar. Looking forward, the packaged-foods company expects that currency pressures will persist, thereby negatively impacting its annual financial results.
Mutual Funds to Watch
The funds listed below may be a good option for investors seeking exposure to MKC. The three funds below currently hold the largest stakes in the company.
|PRBLX||Parnassus Core Equity Investor||1.95%|
|FRDPX||Franklin Rising Dividends Fund A||1.77%|
|VMCIX||Vanguard Mid Cap||1.60%|
The Bottom Line
The funds highlighted above offer investors a stake in MKC, while remaining diversified. Investors interested in MKC may also be interested in Tyson Foods (TSN) or JM Smucker (SJM).
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