McCormick (NYSE:MKC) earnings for the food company’s fiscal second quarter of 2020 have MKC stock climbing higher on Thursday. That comes after reporting adjusted earnings per share of $1.47 on revenue of $1.4 billion. These both come in well above Wall Street’s estimates of $1.12 per share on revenue of $1.35 billion.
Here’s a deeper dive into the most recent McCormick earnings report.
- Adjusted per-share earnings are up 27% from $1.16 in the same period of the year prior.
- Revenue for the quarter comes in 8% higher than the $1.3 billion reported in fiscal Q2 2019.
- Operating income of $257.4 million is a 24% increase year-over-year from $208.1 million.
- The McCormick earnings report also has it bringing in a net income of $195.9 million.
- That’s a 30.9% jump from its net income of $149.4 million reported during the same time last year.
Lawrence Kurzius, chairman, president and CEO of McCormick, said this about the earnings report.
“Our second quarter played out under extraordinary circumstances in all our markets. I am incredibly proud of the way McCormick has performed in an unprecedented operating environment. Our results speak to the value of our products and to our capabilities as a company.”
McCormick still isn’t providing an outlook for fiscal 2020. While it notes that the market is getting better, it still has concerns about the novel coronavirus. Most companies are withholding guidance at this time.
MKC stock was up 3.5% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.