US spice manufacturer McCormick & Co. has posted a rise in first-half earnings, although growth slowed as second-quarter income fell due to restructuring charges.
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The company today (27 June) reported net income of US$85.7m for the six months to 31 May, up from $76m a year earlier.
Second-quarter earnings, however, plunged by a third to $41.4m due to charges related to McCormick’s restructuring programme. Sales during the second quarter rose 7%.
Nevertheless, chairman and CEO Robert Lawless said the company’s performance during the second quarter had “exceeded expectations”.
Lawless said: “These results were driven in part by increased international sales, the incremental impact of Simply Asia Foods and favourable currency rates.
“With a strong first half, we expect to grow earnings per share 9-11% on a comparable basis, an increase from our original projection of 8-10%. Fiscal year 2007 is shaping up to be another record year for McCormick.”
