UPDATE: McCormick Posts Upbeat Q4 Earnings, Revenue Misses View

reported better-than-expected earnings for the fourth quarter. However, the company's sales missed analysts' estimates. For the year, McCormick projects earnings of $3.51 to $3.58 per share, versus analysts' estimates of $3.58 per share. It projects sales to rise 4% to 6% in terms of local currency. The Sparks, Maryland-based company posted quarterly earnings of $148 million, or $1.14 per share, compared to $129.9 million, or $0.98 per share, in the year-ago period. Excluding certain items, the company earned $1.16 per share. Its net sales gained to $1.17 billion. However, analysts were estimating earnings of $1.14 per share on revenue of $1.21 billion. Consumer sales increased 3% in local currency in the quarter, while consumer sales in the Americas gained 4% in local currency. Alan D. Wilson, Chairman and CEO, commented, "McCormick delivered a solid financial performance in 2014, despite a difficult environment. Our on-trend categories are growing in markets around the world with increasing consumer demand for flavor. We are driving growth in sales and profit and, in 2015, are stepping up our cost reduction activities to fuel our growth. McCormick shares fell 1.88% to close at $72.92 yesterday.