McCormick & Co Inc (MKC) released its first quarter results on Tuesday, March 30, 2021. The company reported net earnings of $0.60 per share for the first quarter ending February 28, 2021. Earnings for this past quarter were up 11 percent compared to the same period a year ago.
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The company was founded in 1889 and is headquartered in Hunt Valley, Maryland.
McCormick & Co's revenue increased 10 percent over the past trailing twelve month period versus the previous twelve month period. Gross margins increased to 42.23% for the third quarter compared to the same period in the previous year, and operating margins increased to 17.29% over the same period.Net earnings for past trailing twelve months were $764.5 million, up 9% from the prior year.
Moving on to the balance sheet, McCormick & Co’s cash levels jumped 50% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 9.64% this past year. The current ratio for McCormick & Co now stands at 0.81. The company increased share outstanding by 0.15%.
Shares of MKC are currently trading around $89.90. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 31.68 and price to book ratio of 5.85.