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March 25, 2014
06:33 EDTMKCMcCormick reports Q1 EPS 62c, consensus 58c
Reports Q1 revenue $993.4M, consensus $973.2M. McCormick's Q1 sales rose 6% from the year-ago period and in local currency the increase was 8%. The acquisition of WAPC, completed in May 2013, contributed 4% to this growth rate. Pricing actions and higher volume and product mix, largely accounted for the other half of this sales increase. The company grew sales in both its consumer and industrial businesses through product innovation, brand building and expanded distribution. In Q1, the rate of sales increase in international markets was particularly strong. Cost savings from the company's CCI program, as well as a favorable mix of business, improved gross profit margin, which rose to 39.4% from 38.7% in the year-ago period. The company increased operating income 11% to $125Min the Q1. Higher sales and improved gross profit margin more than offset a $7M increase in brand marketing this period. EPS rose 9% in Q1, with the strong increase in operating income, offset in part by the unfavorable impact of a higher tax rate. Net cash provided by operating activities rose $45M from the year-ago period, primarily as a result of lower retirement plan contributions.
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