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.

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