By Denny Jacob
McCormick & Co.'s latest quarterly sales met Wall Street's expectations and the company maintained its fiscal-year outlook despite ongoing uncertainty regarding tariffs.
The maker of spices and flavorings logged net income of $162.3 million, or 60 cents a share, for the first quarter ended Feb. 28, compared to $166 million, or 62 cents a share, in the prior-year period.
Stripping out certain one-time items, earnings came in 60 cents a share. Analysts polled by FactSet had expected 64 cents a share.
Sales ticked up to $1.61 billion from $1.60 billion, matching analysts' estimates.
McCormick said the comparable top-line results in the quarter reflected volume growth of 2%, which was offset by a 2% impact from currency fluctuations.
Chief Executive Brendan Foley said the first-quarter results were in line with its expectations. "Our continued volume-driven performance reflects the success of our prioritized investments in the areas that are driving the greatest value and will sustain our momentum for the remainder of 2025 and beyond," he added.
McCormick maintained its outlook for fiscal 2025. The company noted its outlook reflects plans to offset costs related to U.S. import tariffs on China through its cost-savings program and targeted price adjustments.
Shares declined 3.1% to $77.83 in premarket trading Tuesday. The stock is up 3.9% over the last year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 25, 2025 06:54 ET (10:54 GMT)
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