McCormick Posts Higher Profit on Price Hikes
McCormick reported higher quarterly sales and profit as price hikes offset weaker consumer demand. The company beat analyst estimates despite facing pressure from elevated costs and a cyclospora outbreak.
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McCormick posted third-quarter sales of $2.02B and adjusted earnings of 86 cents per share on Thursday, beating analyst expectations. The seasoning maker raised prices 2.2% to offset softer demand across the United States. Volumes fell 0.3% overall, driven down by higher gas prices and a foodborne parasite outbreak.
