McCormick Stock Spikes on Strong Q2 Earnings

William White

McCormick (NYSE:MKC) stock was on the rise Thursday following the release of its earnings report for the second quarter of 2018.

McCormick Stock Spikes on Strong Q2 Earnings

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McCormick’s earnings per share for the second quarter of the year came in at $1.03. This is up from its earnings per share of 82 cents reported in its second quarter of 2017. It was also good news for MKC stock by beating out Wall Street’s earnings per share estimate of 93 cents for the quarter.

During the second quarter of 2018, McCormick reported net income of $123.30 million. This is better than the company’s net income of $100.000 million that was reported in the same period of the year prior.

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Operating income reported by McCormick for the second quarter of the year came in at $191.70 million. The manufacturer of spices, herbs, and flavorings reported operating income of $132.60 million for the second quarter of the previous year.

McCormick also reported revenue of $1.33 billion for the second quarter of 2018. This is an increase over its revenue of $1.11 billion that was reported by the company during the same time last year. It was also a boon to MKC stock by coming in above analysts’ revenue estimate of $1.32 billion for the period.

The most recent earnings report from McCormick also sees the company reaffirming its outlook for the full year of 2018. This includes earnings per share ranging from $4.85 to $4.95. Wall Street is looking for earnings per share of $4.93 for the the year.

MKC stock was up 7% as of noon Thursday.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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