McCormick & Co., Inc., New York symbol MKC, makes spices, herbs, seasonings, specialty foods and flavours, and markets them to the food industry.
McCormick is one of the companies we analyze in Wall Street Stock Forecaster, our newsletter for investing in U.S. stocks.
In its second quarter, which ended May 31, 2011, McCormick’s earnings rose 11.2%, to $73.6 million from $66.2 million a year earlier. Earnings per share rose 12.2%, to $0.55 from $0.49, on fewer shares outstanding.
The U.S. stock’s sales rose 10.7%, to $883.7 million from $798.3 million a year earlier, thanks to new products and higher selling prices. The company continues to see strong growth in the Asia/Pacific region, thanks to new products and wider distribution in China. Consumer sales for this region rose 23%, while sales to restaurants rose 21%.
McCormick recently paid $115 million for an 85% interest in a new joint venture with Kohinoor Foods Limited. The venture will market a leading brand of basmati rice and other food products in India. The company also agreed to pay $291 million for Kamis S.A., which makes and sells spices, seasonings and mustard in Poland. Kamis will add $105 million to McCormick’s annual sales.
Costs related to these acquisitions will reduce the U.S. stock’s earnings per share by $9 million, or $0.06 a share, in the third quarter. However, an ongoing cost-cutting plan should save McCormick $45 million this year. Some of these savings will go toward developing and marketing its products.
The company is a dividend paying stock. It pays a quarterly dividend of $0.28 a share. The annual rate of $1.12 yields 2.3%.
You can get our clear buy/sell/hold advice on McCormick and dozens of other companies that may be appropriate for the part of your portfolio you devote to U.S. stocks in Wall Street Stock Forecaster. What’s more, you can get the latest issue absolutely free. Click here to learn how.
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