McCormick & Co. Inc. (MKC) reported that its first-quarter net income increased to $76.0 million or $0.57 per share, from $74.5 million or $0.55 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $934.4 million from $906.7 million in the prior year quarter. Ten analysts had consensus revenue estimate of $922.66 million for the quarter.
For 2013, the company reaffirmed its expectation to grow sales 3% to 5% in local currency, largely from higher volume and product mix and expects a minimal impact of foreign currency exchange rates based on current rates. The company's outlook for 2013 earnings per share continued to be in a range of $3.15 to $3.23. Analysts expect the company to report earnings of $3.21 per share on revenues of $4.22 billion for fiscal 2013.
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