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
Also Read:  Domino’s Pizza (DPZ) Q3 Earnings: Key financials and quarterly highlights

Most Popular

The Coca-Cola (KO) company surpasses Q3 estimates

The Coca-Cola Company (NYSE: KO) reported third-quarter 2020 financial results before the opening bell on Thursday. The beverage giant reported a 9% fall in Q3 revenues to $8.7 billion, beating

American Airlines (AAL) slips to Q3 loss as revenues fall 73%; beats estimates

American Airlines Group Inc. (NASDAQ: AAL) reported a net loss for the third quarter of 2020, as record-low passenger traffic and widespread flight cancellations continued to impact operations. However, the

LUV Earnings: Key quarterly highlights from Southwest Airlines Q3 financial results

Southwest Airlines Co. (NYSE: LUV) reported third quarter 2020 earnings results today. Operating revenues fell 68.2% year-over-year to $1.8 billion. Net loss was $1.1 billion, or $1.96 per share, compared

Top