McCormick & Co.
Wednesday reported a drop in fiscal third-quarter earnings, mainly due to a restructuring charge.
The spice company reported earnings of $43.1 million, or 32 cents a share, compared to $48 million, or 35 cents a share, in the prior-year period. Excluding restructuring charges, EPS were 42 cents, as compared to the average analyst estimate from Thomson First Call of 36 cents.
Third-quarter sales rose to $663.1 million from $622.7 million a year ago and beat the average analyst estimate of $644.6 million.
Gross profit margin was 40.6%, up from 39.1% in the prior year.
The company now predicts full-year 2006 earnings per share of $1.45-$1.48, up from a previous projection of $1.41-$1.44. The average analyst estimate calls for earnings of $1.66 a share for the year. In 2005, the company reported EPS of $1.56.
Shares were up 95 cents, or 2.6%, at $38 in recent pre-market trading Wednesday.