Why McCormick Stock Soared Tuesday
Shares of spice and flavors maker McCormick (NYSE: MKC) are surging this morning. Investors are pushing the stock higher by double digits in response to the company's latest quarterly earnings release. McCormick shares were higher by as much as 13.2% and remained up by 10.2% at 11 a.m. ET.
The maker of cooking herbs and spices as well as popular brands including French's, Grill Mates, Old Bay, and Frank's RedHot beat analysts' expectations. Adjusted for special charges and one-time items, the company earned $0.59 per share versus an expected profit of $0.50 per share. Revenue of $1.57 billion rose 3% year over year and also exceeded expectations.
The company pointed to its diversified global portfolio of products as well as a balanced strategy between consumers and commercial customers as the reason for the strong quarter.
Source Fool.com
