UPDATE: McCormick Posts 13% Rise In FQ3 Profit, Lifts Full-Year Forecast

McCormick & Co

reported a 13% rise in its fiscal third-quarter earnings and lifted its full-year earnings forecast. McCormick now projects full-year earnings of $3.03 to $3.08 per share. McCormick's quarterly profit surged to $104.4 million, or $0.78 per share, from $92 million, or $0.69 per share, in the year-ago period. Its sales rose 6.2% to $977.7 million. However, analysts were expecting earnings of $0.76 per share on revenue of $990 million. McCormick's gross margin rose to 40.1% from 39.6%, while input costs gained 5.4%. Its consumer business sales increased 8.9% to $568.3 million. McCormick shares dropped 3.37% to $60.77 in pre-market trading.