McCormick exceeds sales estimates and eyes Unilever deal
McCormick reported first-quarter revenue of $1.87 billion today as more consumers cook at home. It is also in talks to acquire Unilever's food business.
McCormick & Company reported first-quarter results that surpassed market expectations, driven by a steady demand for its condiments and spices as more consumers choose to prepare meals at home. The Maryland-based spice maker has seen resilient interest in its product lines, including the popular Cholula brand, as value-conscious shoppers pivot away from dining out.
For the quarter ended February 28, the company posted revenue of $1.87 billion, exceeding the $1.79 billion projected by analysts. Adjusted profit reached 66 cents per share, outperforming the estimated 59 cents. Following the announcement, shares of the company climbed 4% in premarket trading in the United States.
