Why Food Company McCormick Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
McCormick & Co Inc (NYSE:MKC) shares are trading higher after reporting better-than-expected Q2 FY24 earnings. Despite a 1% sales decline, the company beat revenue and EPS estimates. Gross profit and operating margins expanded, and the company reaffirmed its FY24 outlook.
June 27, 2024 | 12:28 pm
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McCormick & Co Inc (NYSE:MKC) shares are up 3.81% in premarket trading after the company reported better-than-expected Q2 FY24 earnings. Despite a 1% sales decline, the company beat revenue and EPS estimates, and gross profit and operating margins expanded. The company reaffirmed its FY24 outlook.
The better-than-expected earnings report, along with expanded gross profit and operating margins, has positively impacted investor sentiment, leading to a 3.81% increase in premarket trading. The reaffirmed FY24 outlook further supports the positive short-term price direction.
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IMPORTANCE 90
RELEVANCE 100