McCormick, a US-based manufacturer of flavor products and other specialty food products, has reported that its net income decreased by 12.7% to $148.5m for the fourth quarter ended 30 November 2012, compared to $131.7m for the same period in 2011.
For the period, the company posted 3.1% increase in net sales to $1.14bn, compared to $1.11bn for the corresponding period in the previous year.
Besides, the revenues for the full year increased by 9% to $4.01bn from $3.69bn a year earlier. Net income increased by 8.9% to $407.8m, compared to $374.2m in 2011.
McCormick chairman, president and CEO Alan Wilson said that the company met its objectives for both sales growth and earnings per share in 2012, despite a challenging economic environment.
"Including the impact of acquisitions completed in 2011, we took our percentage of sales in emerging markets to 14% in 2012, up from 10% in 2011," Wilson said.
"The spice and seasoning category is growing at rates from 3% to 8% in our major markets, and our brand leadership, product innovation and marketing programs have us well-positioned to meet this demand," Wilson added.
McCormick, headquartered in Maryland, US, is a manufacturer, marketer and distributor of spices, herbs, and flavourings for retail, commercial, and industrial markets.
