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McCormick & Company stock jumps after earnings beat

The Yahoo Finance Live team discusses a rise in stock price for McCormick & Company after an earnings beat.

Video transcript

DAVE BRIGGS: My play is McCormick and Company. MKC, a trending ticker on Yahoo Finance, and shares are surging after a rather spicy earnings report. The maker of Frank's Red hot crediting an 11% increase in sales to pricing action, which helped offset some of the volume declines. You've heard that over and over the past couple of months. Gross margins also dropped 80 basis points to 36% in the first quarter. That's less, though, than the 380 point decline in Q4.

The CEO, Lawrence Kurzius, saying earlier price elasticity is not a major factor for us, adding most of the company's prices are in place for the year. Now, McCormick on track for its biggest one-day gain since March 2020. You know what happened then, the early days of COVID when we knew lockdowns were coming. The stock up more than 9%.

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Just last week, they updated their packaging, first time in 40 years, to better maintain freshness while incorporating recycled content. Quick conversation here, guys. You get two spices in your whole rack. You don't get-- salt and pepper don't count. You get two spices. That's it. Cinnamon and cumin are mine.

SEANA SMITH: I was going to say cinnamon--

DAVE BRIGGS: What do you got?

SEANA SMITH: --definitely. Cinnamon, cumin's a good one, although-- does it have to be McCormick?

DAVE BRIGGS: No, no, no.

SEANA SMITH: Oh, everything but the bagel--

DAVE BRIGGS: Same spices.

SEANA SMITH: --seasoning from Trader Joe's. If you haven't tried it, you gotta try it.

DAVE BRIGGS: Fantastic.

SEANA SMITH: Easy.

ALLIE CANAL: Oregano, cinnamon.

SEANA SMITH: Oregano is--

ALLIE CANAL: There we go.

SEANA SMITH: --another good play.

DAVE BRIGGS: Oregano.

ALLIE CANAL: I love a good oregano.

DAVE BRIGGS: Cinnamon is the winner today.

SEANA SMITH: All right, and you got to try everything but the bagel seasoning from Trader Joe's.

DAVE BRIGGS: I have.

SEANA SMITH: The best.

DAVE BRIGGS: It's remarkable.

SEANA SMITH: All right. It is the best seasoning--

DAVE BRIGGS: It leaves a mark, though--

SEANA SMITH: --I've ever had.

DAVE BRIGGS: --on the breath.

SEANA SMITH: McCormick might have a knockoff of that soon.