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McCormick reports 5 percent sales growth in 2nd quarter

Lawrence Kurzius promoted to McCormick Chief Executive Officer (PRNewsFoto/McCormick & Company, Incorporat)

McCormick CEO, Chairman and President Lawrence Kurzius (PRNewsFoto/McCormick & Co.)

McCormick & Co. reported it had a 5 percent sales growth in the second quarter of the year, citing a strong performance in the U.S. and China markets and good results from recent acquisitions.

The Sparks-based spice maker said operating income was $133 million for the quarter, compared to $125 million for the same period in 2016. Earnings per share were $.79 in the second quarter compared to $.73 in the year-ago period driven by higher operating income. Adjusted earnings per share rose 9 percent to $0.82, from $0.75.

“Our strong second-quarter financial results reflect the effectiveness of our sales and profit growth strategies driven by the engagement of our employees around the world,” Lawrence Kurzius, McCormick’s chairman, president and CEO, said in a statement. “Both our consumer and industrial segments contributed to our constant currency sales growth of 7 percent.  Our consumer segment delivered base and new product sales growth from the year ago period, with solid performance in the Americas and strong momentum in China, partially offset by the impact of challenging environments in Europe, Middle East and Africa (EMEA).

“Our industrial business delivered excellent sales growth driven by new products, expanded distribution, and customer intimacy.  In addition to our strong base business and new product growth, the acquisitions of Giotti and Gourmet Garden contributed to higher sales as valuable additions to our global portfolio of flavors.”

 


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