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Posted: July 6, 2006
McCormick & Co. Inc. (Sparks, MD) have announced a sales increase for the second quarter of 2006 of 2 percent. Pricing actions, efforts to lower costs and a more favorable business mix were cited as factors in gross profit margin reaching 39.2 percent (a rise of 0.8 percent over the same period 2005).
Of the results, McCormick & Co. president and CEO Robert Lawless said, "We have had strong financial results through the first half of our 2006 fiscal year. Despite the elimination of some low margin business, sales in local currency were up 3 percent. Both the consumer and industrial businesses are benefiting from the launch of new products, cost savings programs and pricing actions that provide an offset to the higher costs of packaging, energy and benefits."