McCormick & Co. (MKC) Tops Q1 EPS by 6c, Beats on Revenue; Reaffirms Guidance
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McCormick (MKC) shares pop on Q1 top and bottom line beat
March 26, 2024 8:25 AM EDTMcCormick & Co. (NYSE: MKC) outperformed earnings expectations in its Q1 report, sending its shares rising nearly 6% in premarket trading Tuesday.
The food company posted first-quarter earnings per share (EPS) of $0.63, beating the consensus estimates of $0.57. Revenue came in at $1.6 billion, against a forecast of $1.55 billion.
Its gross profit margin improved to 37.4% from 36% year-over-year, also above the estimated 36.9%.
Looking ahead, McCormick forecasts its 2024 EPS to lie between $2.76 and $2.81, showing growth from the 2023 EPS of $2.52. Special charges are anticipated to reduce... More
