Third-quarter earnings up 21% at McCormick
Spicemaker McCormick & Co. said yesterday that third-quarter earnings per share increased 21 percent as the company raised prices and saw a small benefit from the sale of its Season-All business. The Sparks-based company reported net income of $68.6 million, or 52 cents per share, for the quarter ended Aug. 31. That was compared with $56.8 million, or 44 cents per share, for the corresponding period a year ago. Sales were $781.6 million, compared with $716.2 million a year ago. The company raised its fiscal year earnings per share guidance by 1 cent to a range of $2.04 to $2.08 per share.
Andrea K. Walker
Lockheed boosts dividend by 36 percent
BETHESDA : Lockheed Martin Corp., the world's biggest defense contractor, said its board authorized a 36 percent increase in the company's dividend, and added an additional 30 million shares to its stock buyback program. The quarterly dividend was raised by 15 cents a share to 57 cents, payable Dec. 26 to holders of record Dec. 1, Lockheed said yesterday in a statement. The company has raised its quarterly dividend for December payment every year since 2003, according to Bloomberg data. The company paid out $340 million in cash dividends in the first half of the year, and had cash and cash equivalents of $3.2 billion as of June 29.
Bloomberg News
Rite Aid posts higher second-quarter loss
NEW YORK : Drugstore operator Rite Aid shook up its management ranks yesterday after posting a higher second-quarter loss because of disappointing results at stores acquired from Brooks Eckerd and heavy promotional spending. The company hired two former Pathmark Stores Inc. executives, including rehiring John T. Standley as president and chief operating officer, and three top Rite Aid executives left the company. The company also cut its expectations for full-year results. Rite Aid, the third-largest U.S. drugstore chain, said its loss swelled to $222 million, or 27 cents per share, compared with $78.2 million, or 10 cents per share, a year ago. Revenue slipped 1 percent to $6.5 billion from $6.57 billion.
Associated Press
GE cuts 3Q forecast, citing Wall St. woes
