WASHINGTON (dpa-AFX) - McCormick & Company, Incorporated (MKC) reported third-quarter net income of $97.6 million or $0.76 per share, compared to $122.9 million or $0.94 per share, prior year.
Excluding the impact of special charges, adjusted net income was $109.7 million or $0.85 per share, compared to $124.5 million or $0.95 per share in the year-ago period. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.87 for the quarter. Analysts' estimates typically exclude special items.
Net sales for the latest third quarter rose 2% to $1.06 billion from $1.04 billion in the comparable quarter last year, while seven analysts expected revenue of $1.06 billion for the quarter.
For fiscal 2015, the company now expects to report earnings per share at the lower end of its $3.11 to $3.18 guidance range. Excluding the estimated impact of $0.36 from special charges, adjusted earnings per share is expected to be at the lower end of the company's $3.47 to $3.54 guidance range. Analysts expect the company to report fiscal 2015 earnings per share of $3.52.
Based on McCormick's strong year-to-date sales growth, the completion of three acquisitions and a positive fourth quarter outlook, fiscal year 2015 sales are expected to grow at the upper end of its 4% to 6% guidance range in constant currency. The company anticipates that currency will lower this fiscal year sales growth range by 5 percentage points based on prevailing rates.
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