MKC - Why McCormick Stock Jumped Today
2024-06-27 13:22:36 ET
Shares of flavorings and spices leader McCormick (NYSE: MKC) were up 4% as of 12:45 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence .
McCormick delighted the market after reporting its second-quarter earnings, delivering $0.69 in earnings per share (EPS) compared to analysts' expectations of $0.59. The company's sales slipped by 1%, but its revenue was better than expected, with its flavor solutions segment selling to a food service industry that has seen tightened consumer spending so far in 2024.
The company is starting to see some signs of improvement across its margin profile following a brutal two-year stretch of high inflation.
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Why McCormick Stock Jumped Today