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McCormick’s profit slips in 1st quarter
//March 27, 2012
McCormick & Co. Inc., of Sparks, an international producer of spices, seasonings, flavorings and specialty foods, reported net income for its fiscal first quarter ending Feb. 29 of $74.5 million, or 55 cents per diluted share, versus $76.8 million, or 57 cents per share, in the prior-year period.
Revenue totaled $906.7 million in this year’s quarter versus $782.8 million in the 2011 period.
The company said the lower profit was due to higher raw material costs. It said it expects the situation to gradually improve over the remainder of the year.
Still, results surpassed Wall Street’s forecast: Analysts polled by Thomson Reuters predicted earnings of 53 cents per share on sales of $869.8 million for the recent quarter.
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