Categories Consumer, Earnings

Highlights of McCormick & Company’s (MKC) Q1 2024 earnings report

McCormick & Company, Incorporated (NYSE: MKC) Tuesday reported an increase in sales and adjusted profit for the first quarter of 2024.

  • The food company’s sales increased 3% year-over-year in the first quarter to $1.6 billion; in constant currency, sales grew 2%
  • Operating income was $234 million in the first quarter, compared to $199 million in the year-ago period
  • Earnings, on a per-share basis, advanced to $0.62 in the February quarter from $0.52 in the same period last year
  • Adjusted earnings rose 7% annually to $0.63 per share in the first quarter from $0.59 per share a year earlier
  • Cash flow from operations was $138 million in Q1, vs. $103 million in the first quarter of 2023
  • The company reaffirmed its sales, operating profit, and adjusted earnings per share outlook for fiscal 2024

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