McCormick & Company's Q3 revenue miss prompts stock dip

McCormick & Company reported a 6% increase in sales for Q3, driven by effective price realization and improved business volume trends. However, slower economic recovery in China had a 1% unfavorable impact on sales growth. The company's gross profit margin expanded, but adjusted operating income was down 5% year-over-year. McCormick reaffirmed its full-year sales and operating income outlook, expecting growth driven by pricing actions and cost savings. EPS for the full year is anticipated to be $2.62 to $2.67. Shares of McCormick & Company dipped 1.20% in premarket trading.