Originally published at www.seclive.com
McCormick & Company, Incorporated (NYSE:MKC) announced its financial results for the first fiscal quarter 2014, reporting sales and earnings that increased from the year-ago quarter. The global leader in flavor products posted a 6% sales increase, with 4% of the growth fueled by its acquisition of WAPC in May. Thanks to cost-savings initiatives, the company's gross margin improved from 38.7% to 39.4% with operating income rising 11% to $125M, while earning per share climbed 9% from $0.57 to $0.62 per share. The company reaffirmed its annual guidance, maintaining its earnings per share target between $3.22 and $3.29. Chairman, President, and CEO Alan Wilson commented that the quarter was a great start to the year and that McCormick will continue to focus on solid performance and growth that will lend itself to further future success.
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