McCormick & Co., the US-based spice and seasonings maker, today (2 October) upped its forecast for annual earnings.
The Schwartz brand owner said it now expects adjusted earnings per share to hit US$3.30-3.37 thanks to a favourable tax rate during the three months to the end of August.
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The company enjoyed rising profits in its third quarter, with earnings per share up 21% at $0.94 and net income increasing 17.7% to $122.9m. Operating income rose 6% to $157.3m.
Both McCormick’s B2B and consumer businesses enjoyed higher operating income. Net sales at both divisions also rose, with company sales up 3% at $1.04bn.
“Our consumer business results were led by a 15% sales increase in China and solid growth in our Europe, Middle East and Africa (EMEA) region,” McCormick chairman, president and CEO Alan Wilson said.
Shares in McCormick were up 2.8% at $67.45 at 13:13 ET.
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