Spice maker McCormick & Co reported record Q1 earnings as net income tripled to $44.2 million, or $0.33/share (prior period earnings impacted more heavily by restructuring charges), on revenue growth of 7% to $652.6m, beating analysts' average estimates of $0.31/share on sales of $643m. CEO Robert J. Lawless commented, "The restructuring actions begun in late 2005 are delivering significant cost savings and sustainable margin improvement. Initiatives to grow our business are driving sales in a number of our regions around the world. This added up to an outstanding quarter and gives us increased confidence that 2007 will be another record year for McCormick." Based on its "outstanding" Q1 results, McCormick says full year EPS is likely to come in at the upper end of its $1.67 - $1.71 projection. Shares of McCormick lost 0.2% to $39.11 yesterday. It has traded between $32.22 - $39.82 over the past year.
Sources: Press release, MarketWatch
Commentary: McCormick's Curries Favor With Investors • McCormick May Purchase Indian Spice Company [Dec. '06]
Stocks/ETFs to watch: McCormick (MKC). Competitors: International Flavors & Fragrances (IFF)
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