McCormick earnings for the second quarter of 2019 have MKC stock on its way up Thursday.
McCormick (NYSE:MKC) reports that earnings per share for the second quarter of the year come in at $1.16. This is better than the company’s earnings per share of $1.02 reported during the second quarter of 2018. It was also a blessing for MKC stock by coming in above Wall Street’s earnings per share estimate of $1.08 for the period.
Net income reported in the McCormick earnings release for the second quarter of 2019 is $149.40 million. This is an increase over the company’s net income of $123.30 million reported during the same time last year.
McCormick earnings for the second quarter of the year also includes operating income of $208.10 million. That’s up from the company’s operating income of $188.60 million reported in the second quarter of the previous year.
The most recent McCormick earnings report also has the company’s revenue coming in at $1.30 billion. This is the same as the food company’s revenue reported in the same period of the year prior. This does mean that it misses analysts’ revenue estimate of $1.31 billion for the quarter, but that isn’t keeping MKC stock down today.
McCormick takes time in its earnings report for the second quarter of 2019 to update its outlook. This has it now expecting earnings per share between $5.20 and $5.30 for the year. It was previously expecting earnings per share to range from $5.17 to $5.27 for 2019. Wall Street is estimating earnings per share of $5.26 for the year.
MKC stock was up 3% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.