US spice maker McCormick & Company has reported a rise in quarterly profit from continuing operations, driven by higher sales.
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The company reported net income of US$46.2m, or 33 cents per share, in the third quarter to 31 August, compared to $51.3m, or 36 cents per share, in the year-ago period. However, net income from continuing operations rose from $40.1m a year earlier to $46.2m in the latest quarter.
Sales increased 10% to $614m. Higher volume, pricing and product mix contributed 7% of the increase, and 3% was added by favourable foreign exchange rates.
“We are extremely pleased with our third quarter results. These results are a good illustration of our strategy in action: to improve margins, invest in the business and grow sales and profits,” said chairman, president and CEO Robert Lawless.
Lawless said an increase in gross profit margin was providing fuel for initiatives such as marketing programmes and product development.
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By GlobalData“These types of investments are leading to higher sales and profits for both segments of our business. In the third quarter we increased consumer sales 12% and industrial sales 9%,” he added.
