Aided by a strong fourth quarter, McCormick & Co. Inc. today confirmed that its 1990 operating profits hit a record high, as the company previously predicted.
Earnings in the fourth quarter increased 32 percent and sales increased 10 percent compared with the year-ago quarter, the company said. During the quarter ending Nov. 30, 1990, the company reported earnings of $25.5 million, or 62 cents a share, on sales of $399 million compared with earnings of $20.3 million, or 47 cents a share, on sales of $361.5 million in 1989. The per share figure in 1989 included 6 cents from the sale of operations in Brazil.
The Hunt Valley-based spice maker said net income for its fiscal year was $69.4 million, or $1.66 cents a share, on sales of $1.3 billion, compared with $135.5 million, or $3.09 a share, on sales of $1.25 billion in 1989. The 1989 figures include a gain of $83 million, or $1.89 a share, from the sale of discontinued real estate operations.