SPARKS, Md., July 1, 2015 /PRNewswire/ -- McCormick & Company, Incorporated, a global leader in flavor, today reported financial results for the second quarter ended May 31, 2015 and provided the latest outlook for fiscal year 2015.
- As a result of unfavorable currency rates, sales declined 1% in the second quarter of 2015 from the year-ago period. Excluding this impact, the company grew sales 5% in constant currency with increases in both business segments.
- Operating income was $104 million in the second quarter of 2015 and included an unfavorable impact of $19 million from special charges. Excluding the impact of special charges and unfavorable currency rates, adjusted operating income in constant currency rose 7% from $122 million in the second quarter of 2014.
- Earnings per share was $0.65 in the second quarter of 2015 and included an unfavorable impact of $0.10 from special charges. Excluding the impact of special charges, adjusted earnings per share rose 17% to $0.75 from $0.64 in the second quarter of 2014, mainly due to a lower tax rate.
- For the 2015 fiscal year, the company reaffirmed its expected constant currency growth rate for sales and operating income. The projection for adjusted earnings per share was raised as a result of a lower expected tax rate for the fiscal year. View the full report here.
