McCormick & Co. Inc. MKC, +1.18% said Tuesday it will use "a portion" of the savings from recent tax legislation to pay out $1,000 bonuses in May to eligible U.S. hourly employees. The spices and seasoning mixes company said it would also accelerate wage increases for hourly employees. The company said "the majority" of hourly employees will benefit from the changes. McCormick said it will also use the tax savings to make strategic investments, return cash to shareholders and pay down debt. The company didn't provide details on what amount or the percentage of the tax savings will go to employees. Earlier, the company reported fiscal first-quarter earnings that beat expectations. The stock, which was still inactive in premarket trade, has climbed 4.7% over the past three months, while the S&P 500 SPX, +2.72% has lost 0.9%.