WASHINGTON (dpa-AFX) - Spices and seasonings maker McCormick & Co. Inc. (MKC) reported firs-quarter net income of $70.5 million or $0.55 per share, compared to $82.5 million or $0.62 per share in the year-ago quarter.
Excluding the $0.15 impact of special charges, adjusted earnings per share was $0.70, compared to $0.62 in the first quarter of 2014. This increase of $0.08 was mainly due to a more favorable tax rate and higher income from unconsolidated operations. On average, 8 analysts polled by Thomson Reuters expected earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales rose 2% to $1.01 billion from $993 million in the comparable quarter last year, six analysts expected revenues of $985.12 million. On a constant currency basis, sales increased by 6%.
In fiscal 2015, McCormick now expects earnings per share to be in the range of $3.28 to $3.35 and adjusted earnings in the range of $3.44 to $3.51, which excludes the expected impact of special charges. Analysts now project annual earnings of $3.53 per share.
Earlier, the company expected earnings per share to be in a $3.41 to $3.48 range, and adjusted earnings per share to range from $3.51 to $3.58.
The company continues to expect 4% to 6% sales growth in constant currency.
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