McCormick Says It Is Splitting Its Stock After Another Strong Sales Performance
The spicing and flavorings business is still booming. On Tuesday McCormick (NYSE: MKC) announced strong sales and profit results as part of its fiscal third-quarter announcement. Management also said it is conducting its first stock split since 2002 thanks to an improving demand outlook.
Revenue rose 9% in the three months ended on Aug. 31, which represented just a modest slowdown from the spike in the prior quarter that was influenced by pandemic-related restaurant shutdowns. McCormick continued to see elevated demand for its spices and condiments at supermarkets, but executives noted a solid rebound in its restaurant segment, too.
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Source Fool.com
