McCormick & Company Inc. (NYSE:MKC) stock rose more than 5% on Thursday after the spice and flavoring company reported second-quarter results that exceeded Wall Street expectations on both revenue and adjusted earnings.
The company reported second-quarter net sales of $1.937 billion, up 16.7% from a year earlier and above the consensus estimate of $1.912 billion.
Adjusted earnings came in at 80 cents per share, topping analysts’ expectations of 69 cents. GAAP diluted earnings were 56 cents per share, down from 65 cents a year earlier.
Sales Growth And Margin Expansion
Net sales benefited from a 2.7% favorable currency impact, while the acquisition of McCormick de Mexico contributed 12 percentage points to sales growth. Organic sales increased 1.7%, driven by pricing.
