Shares of McCormick were rising after the seasonings and flavorings maker easily beat quarterly estimates for earnings and sales.
The stock rose 5.8% to $71.58 on Thursday and was on track for its largest gain since March 26, when it rose 11%, according to Dow Jones Market Data. The stock was the session’s top performer in the S&P 500.
For…
Shares of
were rising after the seasonings and flavorings maker easily beat quarterly estimates for earnings and sales.
The stock rose 5.8% to $71.58 on Thursday and was on track for its largest gain since March 26, when it rose 11%, according to Dow Jones Market Data. The stock was the session’s top performer in the
For its second quarter ended May 31,
reported adjusted earnings of 69 cents a share, beating Wall Street’s call for 59 cents, according to FactSet.
Net sales of $1.64 billion were above the consensus call for $1.63 billion. Gross profit margin was 37.7%, climbing from 37.1% in the year-ago quarter.
For 2024, McCormick reaffirmed its sales range of down 2% to flat from 2023. It also continues to forecast adjusted earnings of $2.80 to $2.85 a share. Analysts had penciled in $2.86.
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“The company expects a favorable impact from the prior year’s pricing actions,” according to a McCormick press release. “Through the power of its brands and its targeted investments, the company expects to improve volume trends as the year progresses and return to volume growth, absent any new macroeconomic headwinds.”
Write to Emily Dattilo at emily.dattilo@dowjones.com
