McCormick & Co. 3Q Profit Climbs On Acquisition

SPARKS, Md. (AP) — Food and seasonings maker McCormick & Co. said Thursday that its third-quarter profit rose 10 percent, helped by the acquisition of Lawry's and cost cuts.

The company also increased the low end of its full-year profit forecast and issued an upbeat holiday outlook, citing its strong performance over the past nine months.

For the period ended Aug. 31, McCormick said its earnings climbed to $75.1 million, or 57 cents per share, compared with $68.6 million, or 52 cents per share, last year. The year-ago results included a charge of 2 cents per share related to McCormick's 2008 acquisition of Lawry's.

Analysts surveyed by Thomson Reuters, whose estimates generally exclude one-time items, predicted a profit of 54 cents per share.

Sales edged up 1 percent to $791.7 million from $781.6 million last year, lifted by improved results from its consumer and industrial segments. Wall Street had expected sales of $801.4 million.

McCormick said its consumer business, which sells food products through retail outlets, benefited from the Lawry's acquisition, as well as pricing moves made earlier in the year to offset higher costs and a relaunch of dry seasoning mixes in the U.S.