Spice maker McCormick lifts annual forecast as demand recovers [Yahoo! Finance Canada]
International Flavors & Fragrances, Inc. (IFF)
Last international flavors & fragrances, inc. earnings: 2/12 04:15 pm
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Source: Yahoo! Finance Canada
(Reuters) - Hot sauce maker McCormick raised its annual earnings forecast on Tuesday after posting better-than-expected third-quarter results, banking on consumers choosing to make meals at home to curb discretionary spending amid sticky inflation. Shares of the company were up about 2% in premarket trading. McCormick saw uptick in demand for its products like spices and seasonings as consumers have opted to purchase staples to reduce expenses such as eating out in restaurants. The Cholula hot sauce maker's sales volume rose 1% for the quarter ended Aug. 31, after dipping 2% a year earlier. Benefits from cost savings measures to streamline business as well as price hikes taken in the past quarters helped expand its quarterly gross profit margin by 170 basis points to 38.7%. While McCormick and its peer International Flavors & Fragrances saw steady demand and volume improvement in their latest quarter, larger peer Kraft Heinz reported dour quarterly sales after taking a hit
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IFF
Earnings
- 8/6/24 - Beat
IFF
Sec Filings
- 10/3/24 - Form 4
- 9/5/24 - Form 4
- 8/6/24 - Form 10-Q
- IFF's page on the SEC website