McCormick & Co. (MKC) has announced a rise in its first-quarter profit from the same term last year, surpassing analysts' predictions. The company earned $166.0 million, equivalent to $0.62 per share, up from $139.1 million, or $0.52 per share, in the same quarter of the previous year.
When excluding certain items, McCormick & Co.'s adjusted earnings stood at $169.1 million or $0.63 per share for the period. Analysts had projected the company's earnings to be around $0.58 per share, according to Thomson Reuters' compiled data. These forecasts generally exclude special items.
Revenue for the quarter went up by 1.9%, increasing from $1.57 billion last year to $1.60 billion.
Here is a brief overview of McCormick & Co.'s earnings (based on GAAP):
- Earnings for the first-quarter: $166.0 million, an increase from $139.1 million last year.
- Earnings per share for the first-quarter: $0.62, an improvement from $0.52 last year.
- Revenue for the first-quarter: $1.60 billion, a rise from $1.57 billion last year.
Looking ahead, among their full-year guidance, McCormick & Co. anticipates an earnings per share between $2.80 and $2.85.
