McCormick expecting end of profits sag


November 09, 1995

Conceding that McCormick & Co. Inc.'s results will be "disappointing" this year, the company's president-to-be said the Sparks-based spice and flavorings giant is set to revive next year.

"We are moving in the right direction," Robert J. Lawless told the Baltimore Security Analysts Society yesterday.

Mr. Lawless, McCormick's vice president and chief operating officer, was dubbed the president-in-waiting two weeks ago when the company announced that H. Eugene Blattman would retire as president and chief executive officer Jan. 1.

After a year of stiff competition in the marketplace, Mr. Lawless said, McCormick is striking back with an unprecedented national radio campaign, new products that venture out of the spice aisles of grocery stores and restructuring that should be completed early next year.

"McCormick is managed more aggressively than ever," he said.

In the first nine months of its fiscal year, McCormick's profits dropped by 13.4 percent, to $55.3 million, or 68 cents per share.

Mr. Lawless did not discuss the fourth quarter, which ends Nov. 30.

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