USA: McCormick Q3 profits inch up, boosted by exchange rates
US spice and seasonings group McCormick & Co yesterday [Wednesday] reported net profits of US$35.2m, or 25 cents per share, in its fiscal third quarter ended 31 August. This represents a slight upturn from the $34.3m or 24 cents per share reported in the year-ago period. Sales growth and advantageous foreign exchange rates boosted the bottom line, compensating for shrinking profit margins and softness in the group's UK brokerage business.
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