McCormick & Co. (MKC) Tops Q2 EPS by 1c

McCormick & Co. (NYSE: MKC) reported Q2 EPS of $0.75, $0.01 better than the analyst estimate of $0.74. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.06 billion.

President & CEO's Remarks

Lawrence E. Kurzius, President and CEO, stated, "McCormick's second quarter results continued the strong performance we had in the first quarter of fiscal year 2016. Led by our consumer segment, we increased sales 4% and in constant currency, the increase was 6%. Underpinning our growth is the rise in consumer demand for healthy flavor and high quality products, and we are meeting this demand with an expanding portfolio of on-trend products. In the second quarter, we introduced a number of new products and were pleased to expand our portfolio with the acquisition of Gourmet Garden, a leader in chilled, convenient herbs.

"In addition to higher sales, we significantly increased second quarter gross profit margin. Led by our Comprehensive Continuous Improvement (CCI) program, we are improving productivity and lowering costs throughout the company. We are making great progress toward our four-year goal to achieve $400 million of cost savings by 2019, and have increased our cost savings goal for 2016 to a range of $100 million to $110 million. These cost savings are driving margin improvement and are our fuel for growth, providing the funds for higher brand marketing, product development and acquisitions.

"Around the world, McCormick employees are driving our momentum and I thank them for their efforts and engagement. Our growth, performance and people are building value for McCormick shareholders."

For earnings history and earnings-related data on McCormick & Co. (MKC) click here.

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