McCormick profit beats estimates on strong Asia-Pacific sales

Thu Sep 27, 2012 1:02pm GMT
 

Sept 27 (Reuters) - McCormick & Co Inc's profit beat analysts' estimates as sales in its consumer segment rose across all regions, and the spice maker raised its earnings forecast for the full year.

The company now expects to earn between $3.03 and $3.08 per share in 2012, up from its earlier forecast of $3.01 to $3.06 per share.

Consumer sales rose 67 percent in the Asia-Pacific region, with the company's acquisition of India-based Kohinoor Foods Ltd accounting for more than half of the growth in sales.

Third-quarter profit rose to $104.4 million, or 78 cents per share, from $92 million, or 69 cents per share, a year earlier.

Analysts on average were expecting earnings of 76 cents per share, according to Thomson Reuters I/B/E/S.

The Sparks, Maryland-based company's revenue rose 6 percent to $977.7 million, which was below analysts' estimates of $989.6 million.

McCormick shares closed at $62.89 on Wednesday on the New York Stock Exchange.

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