Spice is right for McCormick
McCormick, helped by cost-cuts, new acquisitions and improved
supply chain efficiencies.
Higher sales linked to the purchase of Zatarain's, a leading US brand of New Orleans-style products, and Europe-based condiment business Uniqsauces, boosted the figures for the year by 6 per cent.
"Favourable exchange rates contributed 4 per cent, and higher sales, particularly in the US consumer business, added 2 per cent to the rise in income," said the company in a statement yesterday.
The Maryland-based firm said net income rose to $84.4 million, or 59 cents per diluted share, from $77.2 million, or 54 cents per share, a year earlier.
"Due to our strategic purchase of vanilla beans, we did not reach our objective to generate more than $100 million in cash from operations, after net capital expenditures and dividends," added the company that made a 'strategic purchase' of vanilla beans in 2003, a period of short supply for the raw material.