McCormick reported better-than-expected Q1 sales and profit due to high-priced spice demand amid inflation.

Spice maker McCormick reported better-than-expected first-quarter sales and profit, as steady demand for its high-priced spices and seasonings amid inflation led to a 1% volume decline and a 3% price increase. Gross profit margin improved by 140 basis points to 37.4%, and adjusted earnings per share were 63 cents, exceeding analysts' average estimate of 58 cents. McCormick's stock saw a 4% increase in premarket trading following the report.

March 26, 2024
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