McCormick & Company, Inc. Reaffirms FY 2012 Guidance

McCormick & Company, Inc. reaffirmed guidance for fiscal 2012 and expects sales are projected to grow 9% to 11% in local currency. Based on current rates, the Company estimates a 2% reduction in sales from the impact of foreign currency exchange rates. Included in the 9% to 11% sales growth range is an expected 4% increase from acquisitions completed in 2011 and the favorable impact of pricing actions taken in response to increased material costs. Earnings per share for fiscal 2012 are expected to be in a range of $3.01 to $3.06. This increase includes the anticipated benefit of higher sales and CCI cost savings in 2012, along with a favorable comparison to 2011 when $0.07 per share of acquisition-related transaction costs were recorded. The Company anticipates that these increases in profit will be offset in part by increased material costs as well as increased retirement benefit expenses.