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McCormick First Quarter Profits Fall, Stocks Rise
Posted: March 30, 2012
This week brought mixed financial news for McCormick & Company, Inc.. Despite raising prices and selling more, the company's profits fell by almost 3% due to rising material costs.
The company still managed to exceed Wall Street expectations for the quarter ended February 29, however. McCormick earned 55 cents per share on $906.7 million revenue, while analysts had predicted 53 cents on $866.8 million in revenue. It earned $74.5 million in profits.
As a result of all of this good news, McCormick shares rose 2.3% to $54.22, its highest level yet.