McCormick beats third-quarter earnings estimates while struggling with supply chain issues

Shares of McCormick & Co. slipped Thursday after the Hunt Valley-based spice-maker reported better-than-expected third-quarter earnings and record sales but said it continued facing supply chain struggles. Last month, the company warned of a weaker-than-expected third quarter marked by supply chain issues and the impact of inflation on consumer spending. McCormick’s stock closed down 88 cents at $72.43 a share in Thursday trading. Sales during the quarter ended Aug. 31 increased 3% to $1.59 billion from $1.54 billion in the third quarter of 2021, which included an unfavorable impact from the sale of the company’s Kitchen Basics business. Analysts expected sales of $1.59 billion, according to Zacks Consensus Estimate.