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McCormick & Co. fiscal Q1 profit climbs YOY

McCormick & Co. Inc. said its normalized net income for the fiscal first quarter ended Feb. 28 was 58 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS climbed year over year from 56 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $75.0 million, a gain from $73.4 million in the year-earlier period.

The normalized profit margin declined to 7.4% from 7.4% in the year-earlier period.

Total revenue climbed on an annual basis to $1.01 billion from $993.4 million, and total operating expenses grew year over year to $887.2 million from $868.8 million.

Reported net income declined 13.2% from the prior-year period to $71.1 million, or 55 cents per share, from $82.0 million, or 62 cents per share.