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McCormick's quarterly net income climbs on one-off tax benefit

Spice producer McCormick & Co. Inc. saw its net income climb to $422.6 million in the first quarter of fiscal 2018 from $93.5 million a year ago on the back of a one-off tax benefit from the recently enacted U.S. tax law.

Diluted earnings per share came in at $3.18 in the three months to February, compared with 74 cents a year earlier. The company said this figure reflected an estimated net income tax benefit of $297.9 million.

Operating income rose to $183.7 million from $134.2 million.

Net sales improved 19% to $1.24 billion for the period from $1.04 billion a year ago. Of these, the consumer segment saw its net sales rise 18.6% to $757.4 million on strong performance in the Americas, whereas the flavors solutions unit posted an 18.4% increase to $479.7 million.

The company said its 2018 adjusted earnings per share is expected to range from $4.85 to $4.95, up from $4.26 in 2017 and higher than previous guidance of $4.80 to $4.90.