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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“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.”
