Spicemaker McCormick & Co. said third-quarter profit increased 9.5 percent as it began to see the benefit from its acquisition of Lawry's seasoning company last year.
The Sparks-based company was also helped by cost-cutting measures and price increases on some of its products.
On Thursday, the company reported net income of $75.1 million, or 57 cents per share, for the quarter ended Aug. 31. That was compared with $68.6 million, or 52 cents per share, for the same period a year ago. Sales increased 1 percent to $791.7 million, and were up 6 percent in local currency.
Consumer sales rose 3 percent, while industrial sales increased 1 percent. Sales from Lawry's in June and July added 8 percent to sales in the third quarter.
"By any number of metrics, Lawry's has not only been our largest acquisition but one of our most successful," Alan D. Wilson, McCormick CEO and president, said in a phone interview. "Another factor driving our performance that was evident again this quarter was effective cost management."
Wilson also said that sales were helped by new products developed by fast-food chains, which use McCormick's condiments.
Wilson said the company is on track to reach $35 million in cost savings by the end of the year.
