Skip to main content

Spices and seasonings maker McCormick (MKC) - Get McCormick & Company Incorporated Report posted fiscal first-quarter adjusted earnings of $1.12 a share, topping analysts' estimates by 8 cents and year-earlier earnings of $1 a share.

Sales in the quarter of $1.23 billion, however, came up just shy of Wall Street forecasts of $1.24 billion.

The stock was rising 1.2% on Tuesday to $145.70.

McCormick said it expects fiscal 2019 adjusted earnings of $5.17 to $5.27 a share and sales growth of 1% to 3%. In constant currency, sales growth is forecast at 3% to 5%, the company said. Analysts polled by FactSet expect fiscal-year adjusted earnings of $5.23 a share.

Scroll to Continue

TheStreet Recommends

"McCormick's strong first-quarter results were a great start to the year reflecting the successful execution of our strategies. We delivered against our plans for both sales growth and profit realization and are excited about our momentum," said Lawrence E. Kurzius, chairman, president and CEO, in a statement. "Our fundamentals are very strong and we are confident the initiatives we have underway in 2019 position us to continue on our growth trajectory."

The company said first-quarter sales in its consumer segment rose to $744.9 million from $744.6 million a year earlier. Analysts expected consumer segment sales of $753.5 million.

McCormick said sales in its flavor solutions segment rose to $486.6 million from $470.8 million.

How Much Money Will I Need to Retire?

Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.