Speciality foods group McCormick today (26 June) said that profits in the second quarter rose on the back of strong sales at its consumer and industrial business.
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Quarterly net sales totalled US$764.1m, an 11% increase on last year’s sales of $687.2m.
While higher pricing contributed significantly to this increase the impact of volume and product mix was also favourable, McCormich said. During the quarter the company launched new products, secured new distribution channels and saw the favourable impact of recent acquisitions.
Net income for the second quarter increased to US$53.3m, or $0.41 per share, from $41.4m, or $0.31 per share, in the prior year quarter. Excluding the impact of one-offs, second quarter EPS rose $0.04 year-on-year, an 11% increase.
On a pro forma basis, net income totalled $51.2m compared to $46.9m booked during the comparable period of last year.
“We had great results in the first half of 2008 with an 11% increase in both sales and, on a comparable basis, earnings per share. Consumers are reaching for McCormick brands around the world to add flavour and excitement to their meals,” Alan Wilson, President and CEO of McCormick, commented.
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By GlobalDataLooking to the full year, the company said it currently expects earnings to be in the range of $1.97 – $2.01 per share, including an estimated $0.10 per share of restructuring charges.
