Boston, MA 06/28/2013 (wallstreetpr) – McCormick & Company, Incorporated (NYSE:MKC) is closed trading at $70.59 after heading down by 2.00% (or $1.44) towards south. The stock hit its day’s high at $71.94 and day’s low at $69.60. The market capitalization of the company is $9.30 billion.
McCormick & Company a global leader in the field of flavor, has today reported profit and sales results for the second quarter of fiscal year 2013 and has updated its financial outlook of 2013. The company reported a decrease in sales and revenue. It also expects that the decline would continue in third quarter as well. On May 31, 2013, which marked the end of the second quarter, the company completed the acquisition of WAPC (Wuhan Asia Pacific Condiments), a company which is a leader in bouillon in the Central China that also complements the geographic presence and the current product portfolio of McCormick & Company in China.
The Chairman, President and Chief Executive Officer of the company, Alan D. Wilson, commented that they grew sales for their consumer business 5% in local currency, led by distribution gains, brand marketing support and product innovation, in the second quarter of 2013. He said that the company is getting good returns on their investments, which will help them to grow their business and also they are planning to increase their investment in the second half of the year, by approximately $15 million in marketing support. He also said that growth in the sales of the company was made to food service distributors and food manufacturers in the second quarter.
The Board of Directors of the company has recently declared a quarterly dividend of $0.34 per share on the common stocks of the company to the shareholders of record on 8th July, 2013. This is the 89th year when the company is making consecutive dividend payments. The company is involved in the manufacturing, distribution and marketing of seasoning mixes, spices and other flavourful products to entire food industry.
