Why McCormick Stock Is Sizzling Today
Spice maker (NYSE: MKC) used pricing power to offset a decline in demand, leading to better-than-expected revenue and earnings results. Investors are taking notice, sending shares of McCormick up 10% as of noon ET.
It has been an uneven earnings season for companies that rely on consumers, with some businesses reporting signs of stress due to higher interest rates and questions about the economy. But McCormick appears to be navigating through this period well.
The company reported earnings of $0.63 per share on revenue of $1.6 billion in its fiscal first quarter ending Feb. 29, topping Wall Street's estimates for $0.58 per share in earnings on sales of $1.56 billion. Revenue was up 3% year over year despite volumes that were down slightly.
Source Fool.com
Mccormick & Comp. Stock
The stock is an absolute favorite of our community with 21 Buy predictions and no Sell predictions.
With a target price of 63 € there is a hugely positive potential of 53.28% for Mccormick & Comp. compared to the current price of 41.1 €.
