- McCormick & Company reported sales and profit results for the first quarter ended February 28, 2014 and reaffirmed its financial outlook for fiscal year 2014 today.
- McCormick grew first quarter sales 6%, with increases in both consumer and industrial businesses; earnings per share rose 9% to $0.62 from $0.57 in the year-ago period, led by an 11% increase in operating income.
- For the 2014 fiscal year, the company reaffirmed its plans to grow sales 3% to 5% and report earnings per share in a $3.22 to $3.29 range.
McCormick & Company, Incorporated is a global leader in flavor with $4 billion in annual sales. McCormick manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the entire food industry--retail outlets, food manufacturers, and foodservice businesses--in more than 125 countries and territories.
On the first quarter results, Alan D. Wilson, Chairman, President and CEO, commented, "Our first quarter result was a great start to 2014 with higher sales, a profit result that was ahead of our initial outlook, and strong cash flow." He says that one of three things the company focused on was building up its brand: "We invested an additional $7 million of brand marketing during the quarter to connect with consumers through digital marketing and other media and to support our launch of innovative new products around the world." Industrial sales were strong. "Operating income for our industrial business increased 24% in the first quarter, reversing a significant decline in the year-ago period." That may indicate that other food companies, which cater to industry, may also be able to report good results in that quarter.