By Lorraine Mirabella
March 30, 2021
McCormick & Co. Inc. beat sales and profit expectations in the first quarter as acquisitions, new products and a continuing eat-at-home trend helped drive a 22% sales gain.
Sales for the three months ended Feb. 28 increased to $1.48 billion, from $1.21 billion in the first quarter of last year, the Hunt Valley-based spice and flavorings maker said March 30.
McCormick reported net income of $161.8 million, or 60 cents per share, in the first quarter. That compared with net income of $144.7 million, or 54 cents per share, in the first quarter of 2020.
When adjusted for acquisition costs, earnings jumped 33% to 72 cents per share, beating analysts’ estimates of 59 cents per share.
Shares of McCormick edged down slightly, by 23 cents per share, to close at $89.90 each.
Sales and profit growth were almost entirely driven by stronger-than expected sales of grocery store products.
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