McCormick & Co. 2Q profit falls |
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Wed, 27 Jun 2007 14:19
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SPARKS, Md. (AP) - Spice and seasonings maker McCormick & Co. said Wednesday fiscal second-quarter profit fell 33 percent, compared to year-ago results that were boosted by a one-time benefit.Net income for the quarter ended May 31 fell to $41.4 million, or 31 cents per share, from $61.6 million, or 46 cents per share in the same period last year. Current-quarter results include 4 cents per share in charges from a restructuring project. Year-ago results included credits of 14 cents per share.Revenue rose 7 percent to $687.2 million from $639.9 million last year. Revenue was helped by higher international sales, sales from its Simply Asia Foods business and a weaker dollar.Analysts polled by Thomson Financial expected profit of 33 cents per share on revenue of $675.8 million.Consumer sales rose 6 percent, helped by higher sales of Simply Asia Foods, acquired in June 2006. Industrial revenue rose 9 percent, with improved sales of snack seasonings, condiments and new products for large food manufacturers.------------------Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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