McCormick & Co.'s
MKC
+1.21%
fiscal second-quarter earnings fell 2.2% as an acquisition charge masked the spice maker's improved sales.
The company also lowered its full-year earnings estimate to a range of
$3.13 to $3.19 a share on sales growth of 4% to 6% to reflect expected
weakness in the industrial business. The company's January forecast was
for per-share earnings of $3.15 to $3.23 on sales growth of 3% to 5%.
The distributor of spices, seasoning mixes and condiments has seen
improved sales for over three years. But higher costs for raw and
packaging materials and increased retirement-benefit expenses have
hampered its earnings growth of late. McCormick also has warned of weak
demand in certain markets, including quick-service restaurants in the
U.S. and China.
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