McCormick & Company Incorporated (NYSE:MKC) got a big push Tuesday from third-quarter figures passed down early in the day.
The Maryland-based company, “a global leader in flavor”, revealed Earnings per share of $1.43 in the third quarter as compared to $1.30 in the year-ago period. Adjusted earnings per share rose 14% to $1.46 from $1.28 in the year-ago period.
Operating income was $254 million in the third quarter compared to $230 million in the year-ago period. Adjusted operating income was $261 million, a 9% increase from $239 million in the third quarter of 2018, and a 10% increase in constant currency.
Sales rose 1% in the third quarter from the year-ago period with gross margin expansion of 100 basis points. In constant currency, the company grew sales 2%.
For fiscal year 2019, McCormick continues to expect strong growth and based on its year-to-date performance raised its earnings per share outlook.
Said CEO Lawrence E. Kurzius, "Our strong third-quarter … results reflect the successful execution of our strategies. We delivered strong sales and operating profit growth while also making investments for the future. In addition to sales growth in the third quarter, we drove strong adjusted operating profit growth and 160 basis points of adjusted operating margin expansion.
"Our fundamentals remain strong and we are confident the initiatives we have underway in 2019 position us to continue our growth trajectory.”
Shares hiked $4.69, or 3%, to $160.99
