McCormick & Co. Inc. MKC stock is down 3.8% in premarket trades after the company missed its fourth-quarter earnings and revenue targets and said it would miss analyst expectations for 2023 profit. The company said its fourth-quarter profit fell to $185.7 million, or 69 cents a share, from $197.4 million, or 73 cents a share, in the year-ago quarter. The spice maker’s adjusted earnings in the latest quarter totaled 73 cents a share, below the analyst estimate of 86 cents a share in a survey by FactSet. McCormick’s fourth-quarter sales dropped to $1.696 billion from $1.73 billion. Analysts were looking for revenue of $1.77 billion. Looking ahead, McCormick expects adjusted 2023 earnings of $2.56 a share to $2.61 a share, below the Wall Street forecast of $2.90 a share.
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