WASHINGTON (dpa-AFX) - McCormick & Company, Incorporated (MKC), a global leader in flavor, reported second-quarter net income of $84.3 million or $0.65 per share, compared to $84.5 million or $0.64 per share, prior year. The company noted that its earnings per share in the second quarter of 2015 included an unfavorable impact of $0.10 from special charges. Excluding the impact of special charges, adjusted net income was $97.2 million or $0.75 per share, for the quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items. ? Net sales were $1.02 billion compared to $1.03 billion last year. Analysts expected revenue of $1.04 billion for the quarter. The company said as a result of unfavorable currency rates, sales declined 1% in the second quarter of 2015 from the year-ago period. Excluding this impact, the company grew sales 5% in constant currency with increases in both business segments.
For fiscal 2015, the company reaffirmed its expectation to grow sales 4 to 6% in constant currency. The company raised its outlook for earnings per share by $0.03, due to a reduction in the projected 2015 effective tax rate. As a result, the company expects to report earnings per share of $3.18 to $3.25. Excluding the estimated impact of $0.29 from special charges, guidance for adjusted earnings per share is now $3.47 to $3.54. Analysts expect the company to report fiscal 2015 earnings per share of $3.50.
In the third quarter of 2015, the company expects adjusted earnings per share to decline from the year-ago period as the result of the projected tax rate, unfavorable currency rates and higher investment in brand marketing.
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