The Rising Influence of Rising Affluence

[DewDiligence]

MKC Posts Strong Asia-Pacific Sales, Raises Fiscal-Year Guidance

[The increase in EPS guidance for the FY was only $0.02, but this is nonetheless impressive in light of the currency headwinds faced by US-based multinationals. Disclosure: I don’t own MKC, but it’s on my watchlist.]

http://www.reuters.com/article/2012/09/27/mccormick-results-idUSL4E8KR3O220120927

›Sept 27 (Reuters) - McCormick & Co Inc's profit beat analysts' estimates as sales in its consumer segment rose across all regions, and the spice maker raised its earnings forecast for the full year.

The company now expects to earn between $3.03 and $3.08 per share in 2012 [i.e. the FY ending 11/30/12], up from its earlier forecast of $3.01 to $3.06 per share.

Consumer sales rose 67 percent in the Asia-Pacific region, with the company's acquisition of India-based Kohinoor Foods Ltd [#msg-73429493] accounting for more than half of the growth in sales.

Third-quarter profit rose to $104.4 million, or 78 cents per share, from $92 million, or 69 cents per share, a year earlier. Analysts on average were expecting earnings of 76 cents per share, according to Thomson Reuters I/B/E/S.

The Sparks, Maryland-based company's revenue rose 6 percent to $977.7 million, which was below analysts' estimates of $989.6 million.‹