Spice maker McCormick & Co today (25 September) posted a 21% jump in third quarter profits thanks to strong sales at its recently acquired businesses and higher pricing.
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For the quarter ended 31 August, net income rose to US68.6m, or $0.52 per share, up from $56.8m, or $0.43 per share posted in the comparable quarter of last year.
Excluding exceptional items including restructuring charges, a gain from the sale of the Season-All business and costs for rebalancing debt, McCormick’s EPS totalled $0.50.
The group said profit benefited from a lower tax rate and lower income expenses.
Revenues increased by 9% to $781.6m, up from $716.2 in the third quarter of last year.
Sales were boosted by higher prices and the inclusion of the Lawry’s and Billy Bee honey businesses in the results.
