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McCormick reports double-digit growth on Q1 profit of $161.8M

Sales jumped 22% in the first quarter of 2021 from the same time period a year ago for Hunt Valley-based McCormick & Co. and the spice maker registered a profit of $161.8 million, or 60 cents on a per-share basis, prompting officials to raise its operating profit and earnings per share growth outlook.

For fiscal year 2021, McCormick increased its sales outlook to expected growth of 8% to 10%, or 6% to 8% in constant currency.

Operating income was $236 million in the first quarter compared to $194 million in the year-ago period. Adjusted operating income was $263 million, an increase of 35% from $195 million in the first quarter of 2020 and a 32% increase in constant currency.

Sales growth in the consumer segment was driven by an increase in demand resulting from consumers cooking more at home and fueled by the Company’s brand marketing, strong consumer digital engagement and new products. Flavor Solutions segment sales increased 4%, or 3% in constant currency, driven by acquisitions and higher demand from packaged food companies.

This growth was partially offset by lower demand from restaurant and foodservice customers in the Americas and Europe, Middle East and Africa (EMEA) regions, driven by the decline in away from home consumption.

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