NEW YORK (TheStreet) -- McCormick & Co. (MKC) stock is rising 1.28% to $98.61 in pre-market trading on Tuesday after the company delivered earnings that exceeded expectations for the fiscal 2016 first quarter. Revenue met estimates.
The Sparks, MD-based spices, condiments and flavors company posted a profit of 74 cents per share for the quarter ended February 29, beating estimates of 69 cents per share.
Revenue increased 2% to $1.03 billion for the latest quarter, in line with estimates. Revenue from the consumer segment rose 6% on a constant currency basis to $633.8 million, while industrial segment revenue was up 7% in constant currency to $396.4 million.
"Consumer demand for healthy flavor and high quality products is increasing globally and we are meeting this demand with a growing portfolio of on-trend products," CEO Lawrence Kurzius said in a statement.
Sales were also helped by the acquisitions of Brand Aromatics, One World Foods and Drogheria & Alimentari.
Separately, McCormick has a "buy" rating and a letter grade of A at TheStreet Ratings because of the company's revenue growth, expanding profit margins, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures.
You can view the full analysis from the report here: MKC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.