McCormick & Co. Inc. (Sparks, MD) has announced a sales increase for the third quarter of 2006 of 6%. New products, higher sales of ethnic items including a recent acquisition (Simply Asia Foods), marketing programs, pricing actions and favorable currency rates were cited as factors in this increase. The gross profit margin rose 1.5% to 40.6% for the quarter.
Of the financial outlook for the year, McCormick chairman, president and CEO Robert Lawless said, “We have had three great quarters. Year-to-date sales are up 4% in local currency and we have increased earnings per share 21% on a comparable basis with 2005, excluding restructuring charges and the impact of stock-based compensation expense. Looking ahead to the forth quarter, consumer sales to date have been strong and we have plans in place for increased marketing support during the 2006 holidays. The transformation of our US industrial business, as well as our restructuring actions are lifting profit margins across businesses and regions.”