Categories AlphaGraphs, Consumer, Earnings

McCormick (MKC) Q2 profit jumps 31%, beats estimates

McCormick & Company, Incorporated (NYSE: MKC) reported its financial results for the second quarter ended May 31, 2020. The results were significantly impacted by a shift in consumer demand resulting from the COVID-19 pandemic.

McCormick (MKC) reports q2 2020 earnings

The company’s exceptional consumer segment growth was driven by a substantial increase in demand as consumers were cooking more at home. In the flavor solutions segment, the results were significantly impacted by sharp declines in demand from restaurants and other foodservice customers as away from home dining was significantly curtailed.

McCormick reported an 8% sales increase in the second quarter from the year-ago period, including a 2% unfavorable impact from currency. In constant currency, total sales grew 10% year-over-year.

The operating environment continues to evolve and, while the company’s year-to-date fiscal 2020 performance has been strong, there remains a high degree of uncertainty about the pace and shape of the COVID-19 recovery. As a result, the company is not providing new fiscal 2020 guidance at this time.

Take a look at our Consumer articles

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top