by Christopher Freeburn | September 27, 2012 10:03 am
McCormick & Company (NYSE:MKC) announced on Thursday that it earned $104.4 million during its third quarter, up from $92 million in the same time last year.
EPS came in at 78 cents, up from 69 cents in 2011, and topping Wall Street, which was looking for 76 cents a share, Reuters noted.
The spice maker recorded sales of $977.7 million, up 6% from last year. But that missed the $989.6 million that analysts had predicted.
Investors weren’t impressed. McCormick shares slid almost 3% in Thursday morning trading.
The company slightly increased its earnings guidance for the full year. It now expects profits of between $3.03 and $3.08 a share in 2012. That’s up from earlier estimates of between $3.01 and $3.06 a share.
During the third quarter, McCormick saw Asia-Pacific region sales soar 67% over last year. The sales jump was attributed to its recent acquisition of India’s Kohinoor Foods. Kohinoor sales comprised more than half of the overall sales rise in the region.
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