McCormick posts Q1 beat, net income rises 19% year over year
Shares of McCormick & Company (MKC) are trading higher after reporting first quarter net income jumped 19% year over year. The company's CEO says it will continue to expect improved volume performance throughout the year. McCormick took home $1.6 billion in revenue against an estimated $1.55 billion.
Yahoo Finance anchors Brad Smith and Seana Smith discuss the company's gains.
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Editor's Note: This article was written Gabriel Roy
Video Transcript
- A trending ticker that we're watching here-- McCormick shares. Let's get spicy with it. They're on the rise after reporting first quarter net income jumped 19% from a year ago. The company's CEO saying they continue to expect improved volume performance throughout the year.
It's because of me. It's because of me. I'm putting seasoning on everything. Yeah. Well, not everything. Just in healthy proportion out there.
- All right, I know you're so good at cooking. I need to probably buy a bit more McCormick seasoning. Maybe that would help my cooking a little bit. But when you take a look at these numbers, it's clear that this company is positioned relatively well when you compare it to some of the levels that they were seeing just about a year ago improvement here. The stock up almost 6% in early trading.
Their CEO, Brendan Foley saying in a statement that the results for the quarter, coupled with their growth plans gives them the confidence in achieving the mid to high end of their projected constant currency sales growth for 2024. So they're expecting continued growth here. Looking out for the remainder of the year, their net sales are just around $1.6 billion. That's an improvement from a year ago.
Flavor Solutions net sales, this is what you're dabbling in a little bit here. That was up 4% from a year ago. So we talked about more and more people have been cooking from home, have been-- not so much going to the restaurants during the pandemic. That fizzled out just a bit. But those who remain committed to it like you really helping the sales here at McCormick.
- Yeah. Flavor Solutions is going to be the name of my next album that I put out there in the world. Yeah, 17 tracks of nothing but tasty, delicious beats.
