go figure , he opens his mouth and the toilet flushes again. It's getting old. At every turn the stock drops can be matched against when he speaks. I used to want some positive PR form the Investor Relations Department and Wilson, Now , it's plain to see - just shut up, they are their own worst enemy. Need a new board ! and more action filled Investor group leading
McCormick Reports Financial Results for Fourth Quarter 2013 and Provides 2014 Financial Outlook
SPARKS, Md., Jan. 29, 2014 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today reported sales and profit results for the fourth quarter ended November 30, 2013 and provided a financial outlook for fiscal year 2014. Adjusted operating income and adjusted earnings per share exclude the impact of special charges and the loss on a voluntary pension settlement recorded in the fourth quarter.
McCormick grew fourth quarter sales 2% and reported earnings per share of $0.98. Adjusted earnings per share was $1.20, an 8% increase from $1.11 in 2012.
For the fiscal year, the company grew sales 3% and reported earnings per share of $2.91. Adjusted earnings per share of $3.13 rose 3% from $3.04 in 2012, despite a significant increase in retirement benefit expense. Cash flow from operations reached $465 million and the company returned a record $357 million to its shareholders through dividends and share repurchases.
In fiscal year 2014, the company expects to grow sales 3% to 5% and operating income 6% to 8% from $551 million of adjusted operating income in 2013. Earnings per share is projected to be in a $3.22 to $3.29 range, which includes the unfavorable impact of a significant increase in the 2014 tax rate when compared to the 2013 tax rate.
Alan D. Wilson, Chairman, President and CEO, commented, "During 2013, we achieved solid sales and profit growth in a number of key markets, completed a significant acquisition in China, delivered significant cost savings with our Comprehensive Continuous Improvement (CCI) program and reported record cash flow. Employees throughout McCormick are fully engaged in our business and dedicated to our success. Looking ahead to 2014 and beyond, we are excited about our growth prospects as consumers around the world explore new flavors and drive demand. As a global leader in