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McCormick Q4 and Full Year 2009 Financials; 2010 Projection
Posted: February 8, 2010
McCormick has reported a 5% increase in sales, and a 41.6% increase in gross profit margin for the fiscal year ending Nov. 30, 2009 (gross profit in 2008: 40.6%). For the fourth quarter of 2009, the company’s international sales witnessed a modest growth even as industrial sales in the Americas declined due moderate pace of new product introductions by industrial customers; overall sales for Q4 grew 2%, while as operating income (excluding restructuring charges and unusual items) increased 11%.
For 2010, the company projects sales to grow 4–6%, including an estimated 2% benefit based on current foreign currency exchange rates.