McCormick & Co. (NYSE:MKC) posted better-than-expected earnings for the third quarter, and also lifted its profit outlook for the full year.
The spice maker reported earnings of $127.7 million, or $1 per share for the quarter, better than $97.6 million, or 76 cents per share, in the same period last year. On an adjusted basis, the company earned $1.03 cents per share that beat 94 cents per share estimated by analysts surveyed by Thomson Reuters.
Revenue came in at $1.09 billion, up 3 percent from last year, and also in line with the consensus forecast.
McCormick raised its adjusted earnings to a range of $3.75 per share to $3.79 per share for the full year, as compared to its previous guidance in between $3.68 per share and $3.75 per share.
The company’s CEO Lawrence E. Kurzius said strong growth in consumer business in the United States and China helped McCormick to report strong quarterly results.
Sparks, Maryland-based McCormick said that intends to cut expenses by $400 million over the next 4 years.
McCormick shares advanced nearly 2 percent in the pre-market session on Friday following the results. The 52-week range of the stock is $77.65-$107.84. The company’s market cap is $12.39 billion.