Summer Sale Extended! Get unlimited digital access for 13 weeks for $13.
Business
Business

McCormick beats Street estimates in fourth quarter

Spice maker McCormick and Co. Inc. reported higher-than-expected quarterly results, as it passed on higher costs of dairy products and other raw materials to its customers.

However, the Sparks-based company's profit forecast for 2012 came in below estimates, as the price increases are likely to hurt demand.

For the fourth quarter ended Nov. 30, net income fell to $131.7 million, or 98 cents a share, from $133.6 million, or 99 cents a share, a year ago.

Sales rose 13 percent to $1.11 billion.

Analysts on average were expecting earnings of 97 cents a share before special items, on a revenue of $1.09 billion, according to Thomson Reuters I/B/E/S.

McCormick, which began in 1889 as a door-to-door business operating out of a room and a cellar, expects a fiscal 2012 profit of $3.01 to $3.06 a share, short of analysts' expectations of $3.10 per share.

Shares of the company, which makes and distributes spices, herbs, seasoning blends and sauces to grocers, warehouse clubs and drug stores, closed at $51.86 on Wednesday on the New York Stock Exchange.

Copyright © 2015, The Baltimore Sun
Related Content
  • Baltimore People on the Move archive

    Baltimore People on the Move archive

    Readers submit photos and information on employees who have recently been promoted, hired or honored at area businesses. Select photos will be published in the Maryland Business section of Tuesday editions of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature....

  • Health Professionals on the Move archive

    Health Professionals on the Move archive

    Readers submit photos and information on medical professionals who have recently been promoted, hired or honored. Select photos will be published in the Health and Medicine section of Sunday's edition of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature. Submit...

  • Jobs in Health

    Jobs in Health

    Learn about the wide variety of careers in the health-care field in the words of local professionals. Also see the latest hirings and promotions at Health Professionals on the Move.

  • Judge reverses jury verdict in dispute between farmer and CEO

    Judge reverses jury verdict in dispute between farmer and CEO

    A Baltimore County circuit judge reversed a jury verdict that awarded $1.8 million in damages to a White Hall farmer embroiled in a long-simmering land lease dispute with the CEO of Hunt Valley-based Sinclair Broadcast Group.

  • Stocks plunge in another wild day on Wall Street

    Stocks plunge in another wild day on Wall Street

    Stocks plunged again Tuesday, continuing a rocky ride for Wall Street, after an economic report out of China rekindled fears that the world's second-largest economy is slowing more than previously anticipated.

  • BGE parent Exelon plans cost cuts, won't rule out layoffs

    BGE parent Exelon plans cost cuts, won't rule out layoffs

    Nuclear power giant Exelon, the parent of Baltimore Gas & Electric, said it plans to cut costs — and it isn't ruling out layoffs. But any job losses will have "minimal impact" on BGE, an Exelon spokeswoman said.

Comments
Loading
74°