McCormick & Co. Inc. (NYSE: MKC) reported its financial results for the fiscal first quarter on Tuesday that beat Wall Street estimates.
McCormick shares that you can conveniently trade online via a range of user-friendly apps were reported just under 3% up in premarket trading on Tuesday. Including the price action, the stock is now exchanging hands at £69 per share, which is close to £68.50 per share at which it started the year 2021. McCormick had slumped to a low of £46 per share in March 2020.
McCormick’s Q1 financial results versus analysts’ estimates
McCormick said that its net income in the first quarter printed at £117.80 million that translates to 43.69 pence per share. In the same quarter last year, its net income was capped at a lower £105.35 million or 39.32 pence per share.
In an announcement in December, the American multinational said it bought FONA International for £521.79 million in cash.
On an adjusted basis, the food company earned 52.42 pence per share in Q1 versus the year-ago figure of 39.32 pence per share. McCormick valued its net sales in the recent quarter at £1.08 billion, compared to a lower £880 million last year.
According to FactSet, experts had forecast the company to post £1.0 billion of net sales in the first quarter. Their estimate for adjusted per-share earnings stood at a lower 42.96 pence. In separate news from the United States, supermarket chain Albertsons announced a wide-ranging partnership with Google on Tuesday.
Chief Executive Lawrence Kurzius’ comments on Tuesday
CEO Lawrence Kurzius commented on the earnings report on Tuesday and said:
“We are capitalizing on accelerating consumer trends, particularly the sustained shift to cooking more at home, increased digital engagement, clean and flavourful eating, and trusted brands, which we are confident will continue to persist even beyond the pandemic.”
For the full financial year, McCormick now forecasts an up to 10% growth in its sales. Its prior guidance was for a sales growth of 7% to 9%. The company expressed confidence on Tuesday that both its flavour solutions and consumer businesses were likely to see organic growth this year.
McCormick performed fairly upbeat in the stock market last year with an annual gain of a little under 15%. At the time of writing, the Baltimore-based company has a market cap of £17.51 billion and a price to earnings ratio of 32.45.
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