UPDATE: McCormick Posts Higher FQ2 Profit

McCormick & Co

reported a 7.5% rise in its FQ2 profit. McCormick's quarterly profit surged to $84.5 million, or $0.64 per share, versus a year-ago profit of $78.6 million, or $0.59 per share. Its sales climbed 3.1% to $1.033 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $1.04 billion. McCormick's consumer business sales rose 4.1% to $615 million. Consumer sales in the Americas dropped 5%, while consumer sales in Europe, Middle East and Africa (EMEA) surged 7%. Consumer sales in the Asia/Pacific region jumped 70% in the quarter. The industrial business's sales climbed 1.7% to $418.4 million. Industrial sales in the Americas dropped 2%, while sales in EMEA climbed 14%. Industrial sales in the Asia/Pacific region surged 6%. McCormick also reaffirmed its forecast for fiscal year 2014. Alan D. Wilson, Chairman, President and CEO, said, "We continue to adapt to a changing environment as we pursue global growth opportunities and address competitive challenges in certain markets. We are making progress with our actions to drive sales and reaffirm our financial outlook for 2014.” McCormick shares dropped 0.17% to close at $71.18 yesterday.