McCormick & Co. fell the most in more than three months after saying profit in the current quarter will be less than a year earlier because of higher marketing expenses and unfavorable foreign-currency exchange rates.
The company, which sells spices, seasoning mixes and condiments, also expects its tax rate in the quarter to be 29 percent, up from 21 percent a year earlier, according to a statement Wednesday.
The shares slid 1.7 percent to $79.57 at the close in New York, the biggest one-day drop since March 10. The shares have gained 7.1 percent this year.
Still, McCormick said earnings for the full year will be higher than it previously forecast. For the year through November, profit will be $3.47 to $3.54 a share, excluding some items, the company said. That’s up from an earlier projection of $3.44 to $3.51. Analysts have estimated $3.50.