2023-03-31 08:36:00 ET
McCormick (NYSE: MKC) investors beat a rising market this week. The spice and flavorings specialist's stock rose 11% through Thursday trading compared to a 2% boost in the wider market, according to data provided by S&P Global Market Intelligence . Yet McCormick shares are still underperforming the S&P 500 so far in 2023, down 3% compared to the market's 5% increase.
This week's rally was sparked by positive news on the earnings front.
McCormick announced fiscal first-quarter results on Tuesday, and investors found plenty of things to like in that report. Sales rose 7% after accounting for currency exchange rate swings and the divestment of its "kitchen basics" segment. That result marked a solid acceleration as compared to the prior quarter, when revenue grew at a roughly 4% pace on that basis.
For further details see:
Why McCormick Stock Was Up This Week