Spice maker McCormick & Company (MKC) on Tuesday posted a slight downturn in first quarter earnings, but results still came in ahead of analyst expectations.
The Sparks, MD-based company reported first quarter net income of $74.5 million, or 55 cents per share, compared with $76.8 million, or 57 cents per share, in the year-ago period.
Sales jumped 16% from last year to $906.7 million.
On average, Wall Street analysts expected a smaller profit of 53 cents per share, on much lower revenue of $863.7 million.
Looking ahead, the company backed its previously-announced full-year earnings outlook of $3.01 to $3.06 per share, while analysts expect $3.04 per share for the year.
McCormick shares posted modest gains in premarket trading Tuesday.
The Bottom Line
Shares of McCormick & Co. (MKC) have a 2.34% dividend yield, based on last night’s closing stock price of $53.02. The stock has technical support in the $50 price area. The shares are trading at all-time highs.
McCormick & Company (MKC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.