US: Lawry's leads to tasty McCormick profit growth
By: just-food.com | 24 September 2009
The acquisition of the Lawry's seasonings business has boosted quarterly sales and earnings at McCormick & Co.
McCormick, which bought Lawry's from Unilever last year in a deal worth US$604m, today (24 September) posted third-quarter net income of $75.1m - up from $68.6m a year earlier.
For the three months to 31 August, sales rose 6% on a constant-currency basis to $791.7m.
McCormick reported earnings per share of $0.57, compared to $0.52 a year earlier. On a comparable basis, excluding restructuring charges and unusual items, earnings per share rose 14%.
The company narrowed its earnings per share guidance for 2009 to the high end of its former target range and forecast a figure of $2.26 to $2.28 - an 8-9% increase on the year.
Chairman, president and CEO Alan Wilson said: "McCormick achieved strong profit growth in the third quarter. We grew sales for both our consumer and industrial businesses with the addition of Lawry's, great product innovation, and pricing actions taken earlier in 2009 to offset higher costs."
Sectors: Commodities & ingredients
Companies: McCormick, Unilever
View next/previous articles
24 Sep 2009 -
24 Sep 2009 -
Currently reading -
US: Lawry's leads to tasty McCormick profit growth
24 Sep 2009 -
24 Sep 2009 -
Related research
Seasonings - US - October 2009
Seasonings is a mature market with sales totaling an estimated $3.6 billion in 2009. Following years of slow growth, sales picked up in 2008-09 as the economy worsened and Americans cut back on eating out at restaurants and began cooking at home more...
Company Financials: Hindustan Unilever Limited
IntroductionThe Company Financials offers insights into the financial performance of the company over last five years for about 1000 leading global companies. The datapack covers wealth of financial information relating to income statement, balance s...
This report profiles the major players in the global food and drinks ingredients industry and the issues affecting their performance....
Related articles
Quote, unquote: just-food's week in words
Retailers on both sides of the channel were upbeat this week even as the businesses posted less than identical annual results. The UK's The Co-operative Group was bullish after bumper full-year profits, while German giant Metro Group insisted its plans to revitalise the business are working even as profits tumbled. The long-running debates on Kraft Foods' takeover of Cadbury and on nutrition labelling also reared their heads this week. Here is the best of who said what about the pressing issues in the food industry this week.
COMMENT: Carrefour, Unilever CEOs make their mark
The chief executives of consumer goods group Unilever and retail giant Carrefour, who both took the helm at the start of 2009, have again shuffled their management packs.
UK/NETHERLANDS: Unilever veteran Banga to leave
Senior Unilever executive Vindi Banga is to leave Unilever after 33 years with the consumer goods giant.
There are currently no comments on this article
Be the first to comment on this article