NEW YORK (TheStreet) -- McCormick (MKC) - Get Report stock is gaining 3.22% to $106.02 on heavy trading volume on Thursday afternoon after the spices and condiments manufacturer delivered earnings that surpassed estimates for the fiscal 2016 second quarter. Revenue met estimates.
Before today's market open, the Sparks, MD-based food company reported adjusted earnings of 75 cents per share for the quarter ended May 31, beatings estimates by a penny.
Revenue increased 3.8% year over year to $1.06 billion, in line with Wall Street projections. On a constant currency basis, sales were up 6%.
Consumer segment sales increased 7% to $641.8 million, while industrial segment sales declined 0.7% to $421.5 million.
Additionally, McCormick raised its cost savings goal for the year to $100 million to $110 million, compared with the prior target of at least $95 million.
So far today, 1.85 million shares of McCormick have been traded, more than double its average daily volume of 751,262 shares.
Separately, McCormick has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's solid stock price performance, revenue growth, expanding profit margins, growth in earnings per share and increase in net income.
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.