McCormick & Co. (NYSE: MKC) reported Q3 EPS of $0.95, $0.14 better than the analyst estimate of $0.81. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $1.03 billion.

Alan D. Wilson, Chairman, President and CEO, commented, "In the third quarter, we achieved solid growth in sales and operating income from the year-ago period. Our consumer business results were led by a 15% sales increase in China and solid growth in our Europe, Middle East and Africa (EMEA) region. In the U.S. consumer business, we are making steady progress with growth initiatives to build our brand equity and category leadership in a competitive environment. Industrial business sales grew 4% this period, largely driven by increases in snack seasonings in the Americas and higher margin industrial products in EMEA. We continue to improve operating income for this segment, which has increased 24% year to date, more than recovering a year-on-year decline in 2013. Earnings per share rose sharply in the third quarter mainly as a result of higher operating income and a lower tax rate. We are pleased that our profit performance is yielding higher cash flow from operations, which has increased nearly $50 million year-to-date through the third quarter. During this period, we have returned $323 million to shareholders in the form of dividends and share repurchases, up 42% from the 2013 year-to-date result.

"We continue to be encouraged by the growing consumer demand for flavor in markets around the world. To meet this demand, we are introducing exciting new products including Skillet Sauces, Freshlock herbs and in early 2015, will relaunch our premium gourmet line in the U.S. For the 2014 holiday season, we plan to increase our brand marketing support at least 15% from the fourth quarter of 2013. We are fueling these investments with our Comprehensive Continuous Improvement (CCI) program. Through CCI, employees around the world are working to improve productivity and we now expect 2014 cost savings from this program to reach at least $50 million.

"While we continue to project 3% to 5% sales growth in local currency, the pace of growth is more rapid in international markets. This change in business mix has led us to moderate our outlook for operating income in 2014, but is also driving a lower tax rate. We now anticipate higher earnings per share this year, with the net impact of these factors and additional favorable tax variances. Overall, we are pleased with our performance in 2014 and believe McCormick is well-positioned for the future, with great products, effective growth strategies and employees around the world engaged in our success."

McCormick & Co. raised its FY2014 EPS outlook to $3.30 - $3.37, versus the consensus of $3.28.

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