McCormick Bests Earnings, Revenue Forecsts

The spices and seasonings maker posted $1.6 billion in quarterly revenue.

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HUNT VALLEY, Md. (AP) β€” McCormick & Co. on Tuesday reported fiscal first-quarter profit of $166 million.

The Maryland-based spices and seasonings company said it had profit of 62 cents per share. Earnings, adjusted for non-recurring costs, came to 63 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The spices and seasonings company posted revenue of $1.6 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.55 billion.

McCormick expects full-year earnings in the range of $2.80 to $2.85 per share.

Shares of the company were up $7.36 to $77.30 in Tuesday trading.

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