Sep 26, 2013

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Hot Morning Gainers: McCormick & Co. (NYSE:MKC) and Hertz Global Holdings Inc. (NYSE:HTZ)

Hot Morning Gainers: McCormick & Co. (NYSE:MKC) and Hertz Global Holdings Inc. (NYSE:HTZ)

McCormick & Co. (NYSE:MKC) reported that its fiscal third-quarter earnings were flat from a year ago, as the spice manufacturer reported flat margins, though sales hiked a bit.

The supplier of spices, seasoning mixes and condiments also reported that it predicts complete year earnings to be at the lower end of its previous guidance, mentioning sluggish demand for industrial products by rapid service restaurant customers in the Americas has restricted year-to-date sales and is predicted to affect its fourth-quarter earnings.

McCormick has reported single-digit revenue gains for over a year now. Though, superior costs for raw and packaging materials and sluggish demand in a few markets have hindered its earnings growth of late.

For the quarter concluded on Aug. 31, McCormick declared a profit of $104.4 million, or 78 cents per share, flat as compared to a year ago same quarter. Sales jumped up 4% to $1.02 billion.

Hertz Global Holdings Inc. (NYSE:HTZ) declined its complete year outlook, referring to lower than predicted volume produced by its namesake brand in the US airport car rental market.

The firm now estimates revised earnings of $1.68 to $1.78 per share, founded on 465 million shares, and revenue of $10.8 billion to $10.9 billion. Its February guidance had asked for earnings of $1.78 to $1.88 a share and revenue of $10.85 billion to $10.95 billion.

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