Spices and Herbs Lift McCormick Profit

McCormick reported better-than-expected first-quarter results as it maintained its 2010 guidance.

Author:: Andrea Tse
Publish date:: Mar 25, 2010 7:32 AM EDT

SPARKS, Md. (

) --

McCormick

, the spice maker, reported better-than-expected first-quarter results as it maintained its 2010 guidance.

McCormick reaffirmed its goal to increase 2010 earnings to $2.49 to $2.54 a share, roughly in line with Wall Street's expectation of $2.53 a share. The company also expects second-quarter earnings of 42 cents to 45 cents a share, while analysts forecast earnings of 47 cents a share.

For the first quarter, McCormick reported net income of $67.9 million, or 51 cents a share, compared with $57.7 million, or 44 cents a share, a year earlier. Sales rose to $764.5 million from $718.5 million the previous year amid strength in its consumer business in the Americas; much of the strength was attributable to marketing support that led to higher volume and product mix in herbs and spices, extracts, and convenient dry seasoning mixes.

Analysts surveyed by Thomson Reuters were expecting earnings of 48 cents a share on revenue of $760.7 million.

-- Reported by Andrea Tse in New York

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