UPDATE: McCormick Posts Drop In Q4 Profit, Issues Downbeat FY14 Guidance

McCormick & Co MKC reported a 13% drop in its fourth-quarter profit and issued a downbeat full-year forecast. McCormick projects full-year profit of $3.22 to $3.29 per share on revenue growth of 3% to 5%. Analysts estimated earnings of $3.44 per share on revenue growth of 6%. McCormick's quarterly earnings fell to $129.9 million, or $0.98 per share, from $148.5 million, or $1.11 per share, in the year-earlier period. Excluding special items, it earned $1.20 per share. Its sales surged 2.1% to $1.17 billion. However, analysts were expecting earnings of $1.19 per share on sales of $1.22 billion. McCormick's gross margin rose to 42.9% from 42.1%. McCormick shares closed at $69.62 yesterday.