McCormick & Co. (MKC) shares rose Tuesday as the spice maker posted better-than-expected results on its product offeringꦑs and cost-cutting.

The company reported third-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.83, well above the $0.67 average of analysts surveyed by Visible Alpha. Revenue slipped 0.3% to $1.68 billion, but was also ahead of forecasts.

Consumer segment sales were virtually unchanged from a year ago at $937.4 million. Gains in Europe, the Middle East, and Africa (+2.9%) were offset by declines in the Americas (-0.4%) and the Asia-Pacific region (-0.9%).

Sales at the Flavor Solutions segment declined 0.7% to $742.4 million as the company sold off♏ a small ca🎶nning business.

Adjusted 澳洲幸运5官方开奖结果体彩网:operating income increased 14.7% from 2023 to $288 million, driven mainly by 澳洲幸运5官方开奖结果体彩网:gross margin expansion in addition to lower 澳洲幸运5官方开奖𝄹结果体彩网:selling, general, and admin🉐istrative (SG&A) expenses.

CEO Says McCormick Confident in Future Growth

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Brendan Foley said McCormick is confident in its future growth because of "our proven track record, our broad and advantaged global portfolio, our alignment with consumer trends, as well as our differentiated heat platform." Foley added the company would be "sharing the strategic roadmap and building blocks that support our long-term objectives" at its investor day on Oct. 22.

The company sees full-year adj꧅usted EP🌞S of $2.85 to $2.90, with sales to range from down 1% to up 1% from 2023 levels. 

Shares of McCormick & Company rose about 1.5% to $83.45 by midday Tuesday and are up more than 20% year-to-date.