McCormick & Co. (NYSE: MKC) reported Q3 EPS of $1.28, $0.01 better than the analyst estimate of $1.27. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.36 billion.

• Sales rose 14% in the third quarter from the year-ago period with minimal impact from currency and strong results in both the consumer and flavor solutions segments.
• Operating income was $233 million in the third quarter compared to $169 million in the year-ago period. Adjusted operating income was $242 million, a 19% increase from $204 million in the third quarter of 2017, and a 20% increase in constant currency.
• Earnings per share was $1.30 in the third quarter as compared to $0.85 in the year-ago period. Adjusted earnings per share rose 14% to $1.28 from $1.12 in the year-ago period.
• For fiscal year 2018, based on its strong year-to-date performance and growth momentum, McCormick continues to expect strong sales growth and raised its projection for earnings per share.

Lawrence E. Kurzius, Chairman, President and CEO, stated, "McCormick's strong third quarter and year to date results reflect the successful execution of our strategies. We delivered double-digit sales, adjusted operating income and adjusted earnings per share growth in both the third quarter and year to date. We continued to expand operating margin, while also making significant brand marketing investments during the quarter.

GUIDANCE:

McCormick & Co. sees FY2018 EPS of $4.95-$5.00, versus the consensus of $4.97.

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