McCormick & Co. (NYSE: MKC) reported Q1 EPS of $0.73, $0.04 better than the analyst estimate of $0.69. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1.03 billion.

GUIDANCE:

McCormick & Co. sees FY2016 EPS of $3.65-$3.72, versus the consensus of $3.69.

Lawrence E. Kurzius, President and CEO, stated, "McCormick's first quarter results were a great start to fiscal year 2016. Consumer demand for healthy flavor and high quality products is increasing globally and we are meeting this demand with a growing portfolio of on-trend products. Each of our two segments achieved strong underlying sales increases driven by our growth strategy. We are growing base business sales with brand marketing and are launching differentiated new products such as herb grinders and slow cooker sauces for our consumer segment and snack seasonings for industrial customers. We had an incremental sales benefit from three acquisitions completed in 2015, and continued to expand the availability and footprint of our business through retail channels and with new industrial customers.

"Led by our Comprehensive Continuous Improvement (CCI) program, we are on-track to deliver at least $95 million of cost savings in 2016 and recently announced a goal to reach $400 million of cost savings in the next four years. Together with our strategies to drive sales growth, these cost savings are driving higher gross profit margin and in the first quarter, led to a double-digit increase in adjusted operating income on a constant currency basis. I want to recognize McCormick employees around the world for their efforts and engagement. Together, we are focused on building value for our shareholders and customers and are pleased with the momentum underway in 2016."

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