McCormick Q2 Profit Tops Consensus; Backs FY14 Outlook - Quick Facts

(RTTNews) - Spices and seasonings maker McCormick & Co. Inc.'s (MKC) second-quarter net income advanced to $84.5 million, or $0.64 per share, from $78.6 million, or $0.59 per share, in the earlier year period. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.

McCormick's quarterly sales went up by 3% year-on-year to $1.03 billion, from $1.0 billion, with increases in both its consumer and industrial businesses. Seven analysts had consensus revenue estimate of $1.04 billion for the quarter. The rate of growth in international markets was mainly strong this period, including incremental sales of Wuhan Asia Pacific Condiments that was acquired in May 2013 and added 3 percentage points to sales growth, according to the company.

For fiscal 2014, the company confirmed its plans to increase sales by 3% - 5% in local currency and report earnings per share of $3.22 - $3.29. Analysts project annual earnings of $3.27 per share.