The acquisition of the Lawry’s seasonings business has boosted quarterly sales and earnings at McCormick & Co.
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McCormick, which bought Lawry’s from Unilever last year in a deal worth US$604m, today (24 September) posted third-quarter net income of $75.1m – up from $68.6m a year earlier.
For the three months to 31 August, sales rose 6% on a constant-currency basis to $791.7m.
McCormick reported earnings per share of $0.57, compared to $0.52 a year earlier. On a comparable basis, excluding restructuring charges and unusual items, earnings per share rose 14%.
The company narrowed its earnings per share guidance for 2009 to the high end of its former target range and forecast a figure of $2.26 to $2.28 – an 8-9% increase on the year.
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By GlobalDataChairman, president and CEO Alan Wilson said: “McCormick achieved strong profit growth in the third quarter. We grew sales for both our consumer and industrial businesses with the addition of Lawry’s, great product innovation, and pricing actions taken earlier in 2009 to offset higher costs.”
