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Despite Challenges, McCormick Expects to Meet Full-Year Growth Target
Posted: June 29, 2009
McCormick & Co. (Sparks, MD) reported second quarter 2009 net sales of $435.1 million, up from 2008's $417.5 million. For the first half of the year, the company is reporting sales of $855.7 million, up from $827.9 million in 2008. The company expects to meet growth targets, despite key challenges such as weakness in its overseas industrial segment sales.
Of the results, McCormick chairman, president and CEO Alan Wilson said, “We are effectively navigating through a difficult global economic environment. We were able to manage an unexpected bankruptcy cost this quarter, along with further volatility in raw material costs and foreign currency exchange rates, and still deliver our targeted profit growth. McCormick employees are effectively managing through these challenges and have remained focused on sales growth, cost containment and meeting objectives. Our business fundamentals are sound and we are well-positioned for further increases in sales and profit.”