McCormick income climbs 32% in quarter

by FoodBusinessNews.net Staff
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SPARKS, MD. — Net income for McCormick & Co., Inc. for the third quarter ended Aug. 31 was $56,848,000, equal to 44c per share on the common stock, up 32% from $43,068,000, or 33c per share, during the same quarter of the previous year.

Sales for the quarter were $716,227,000, up 8% compared with $663,095,000 during the same quarter of the previous year.

"We are on track for 2007 to be another record year at McCormick," said Robert J. Lawless, chairman and chief executive officer. "We have passed the half-way point of our 3-year restructuring program and are realizing cost savings from our actions to simplify our business and improve profitability. Both our consumer and industrial segments are benefiting from this program, as well as the key growth initiatives that are driving sales with innovative new products, revitalization of our core products and more effective marketing."

Operating income in the Consumer Business segment was $66,303,000, up 35% compared with $49,260,000 during the same quarter of the previous year. Sales in the segment were $387,423,000, up 9% compared with $357,059,000 during the same quarter of the previous year.

In the Industrial Business segment, operating income was $22,585,000, up 52% compared with $14,906,000 during the same quarter of the previous year. Net sales were $328,804,000, up 7% compared with $306,036,000 during the same quarter of 2006.

For the nine months ended Aug. 31, net income was $142,502,000, or $1.10 per share, up 20% compared with $119,100,000, or 90c per share, during the same period of the previous year.

Net sales for the nine months were $2,056,081,000, up 7% compared with $1,912,702,000 during the same period of the previous year.

Mr. Lawless said for the full 2007 fiscal year, the company expects sales growth of 5% to 7% and an increase in earnings per share of 9% to 11% on a comparable basis.

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