UPDATE: McCormick Posts 2.2% Drop In Q2 Earnings, Lowers Full-Year Forecast

McCormick & Co MKC reported a 2.2% drop in its fiscal second-quarter earnings. McCormick cur its full-year earnings forecast to $3.13 to $3.19 per share on sales growth of 4% to 6%. The company in January expected earnings of $3.15 to $3.23 per share on sales growth of 3% to 5%. McCormick's quarterly profit fell to $78.6 million, or $0.59 per share, from $80.4 million, or $0.60 per share, in the year-ago period. The company in April projected earnings of $0.60 per share. Its sales climbed 1.9% to $1 billion, versus analysts' estimates of $1.01 billion. McCormick's gross margin narrowed to 39.3% from 39.5%. McCormick shares closed at $72.03 yesterday.