McCormick & Co. (NYSE: MKC) reported Q3 EPS of $1.12, $0.06 better than the analyst estimate of $1.06. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.17 billion.

GUIDANCE:

McCormick & Co. sees FY2017 EPS of $4.20-$4.24, versus the consensus of $4.13.

Lawrence E. Kurzius, Chairman, President and CEO, stated, "Our strong third quarter financial results continue our growth momentum and reflect the effectiveness of our strategies and engagement of our employees around the world. We are driving both sales growth and significant productivity improvements resulting in adjusted operating margin expansion. Both our consumer and industrial segments contributed to our constant currency sales growth of 8%. Our consumer segment delivered base and new product sales growth from the year ago period, led by the Americas. Our industrial business delivered excellent sales growth across all regions driven by new products, expanded distribution, and customer intimacy. In addition to our strong base business and new product growth, the acquisitions of RB Foods and Giotti contributed to higher sales as valuable additions to our global portfolio of flavors. Through the third quarter, we have grown year to date sales 6% in constant currency.

"McCormick is a global leader in flavor - a growing and advantaged business platform. The RB Foods acquisition is an exciting milestone for McCormick which strengthens our flavor leadership with the addition of the iconic French\'s and Frank\'s RedHot brands to our portfolio. We are continuing to capitalize on the global and growing consumer interest in healthy, flavorful eating, the source and quality of ingredients, and sustainable and socially responsible practices. We are aligned with the increased demand for great taste and healthy eating and are confident in our plans to drive growth through new products across both of our segments, through strong brand marketing programs and additional opportunities to expand distribution. We are balancing our resources and efforts to drive sales with our work to lower costs, and are on-track to achieve at least $105 million of cost savings in 2017 led by our Comprehensive Continuous Improvement (CCI) program.

"I want to recognize McCormick employees around the world for their efforts and engagement. With our vision to bring the joy of flavor to life and our steadfast focus on growth, performance, and people, we are well-positioned to deliver excellent financial results in 2017 and build value for our shareholders."

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