McCormick & Co. Boosts Profits 7.5% on Wuhan Asia-Pacific Buy

McCormick & Company boosted profits in its second quarter, beating estimates, even as topline growth fell short.
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McCormick & Company boosted profits in its second quarter, beating estimates, even as topline growth fell short. The spices maker earned 64 cents a share over the May-ended quarter, 2 cents higher than forecasts, and an increase of nearly 8% year over year. Sales climbed 3.1% to $1.03 billion, just shy of expectations. Its biggest revenue generator, consumer business sales, climbed 4.1% to $615 million, thanks to 76% growth in the Asia-Pacific driven by McCormickâ¿¿s purchase of Wuhan Asia-Pacific Condiments Company last year. Consumer sales in the Americas, however, dropped 5% on continued weakness. TheStreet's Keris Lahiff reports from New York.