McCormick & Company Inc. said Tuesday, its first quarter sells revenue declined 1% and its profit increased 12 %, due to Lawry’s acquisition and consumers cutting back to save money, Alan D. Wilson, President and CEO said.
Despite weakness in the economic environment, earnings per share raised to $0.44 to $58 million for the first quarter ended Feb 28, compared with $0.39 to $51 million same period last year.
In the first quarter, sales in its industrial business rose 5%, while sales in its consumer business, sales rose 2%.
And Shares fell 2.67 cents to 7.98% at 30.77 at the midday trading.
The Company, which sells spices, seasonings and food coloring, is working to reduce costs with the completion of its restructuring program of 5 cent per share, also reaffirmed its earnings per share guidance for 2009 of $2.24 to $2.28, expects to be lower at 2% to 4% according to Thomson Reuters analyst of $2.30 per share, on revenue of $3.3 billion.