McCormick & Company, Incorporated reported unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2012. For the quarter, the company reported net sales of $1,145.8 million compared to $1,110.7 million a year ago. Operating income was $200.2 million compared to $192.0 million a year ago. Income from consolidated operations before income taxes was $187.0 million compared to $178.3 million a year ago. Net income from consolidated operations was $140.9 million compared to $127.2 million a year ago. Net income was $148.5 million or $1.11 per diluted share compared to $131.7 million or $0.98 per diluted share a year ago. Fourth quarter earnings per share rose to $1.11 from $0.98 in the year ago quarter with $0.05 of the increase due to higher operating income, $0.06 from a favorable tax rate and $0.02 from an increase in income from unconsolidated operations.

For the full year, the company reported net sales of $4,014.2 million compared to $3,697.6 million a year ago. Operating income was $578.3 million compared to $540.3 million a year ago. Income from consolidated operations before income taxes was $526.1 million compared to $491.4 million a year ago. Net income from consolidated operations was $386.3 million compared to $348.8 million a year ago. Net income was $407.8 million or $3.04 per diluted share compared to $374.2 million or $2.79 per diluted share a year ago. Net cash provided by operating activities was $455.0 million compared to $340.0 million a year ago. Capital expenditures were $110.3 million compared to $96.7 million a year ago. The increase in sales was led by higher pricing and from acquisitions completed in 2011, as well as growth in volume and product mix.

For the year 2013, sales are projected to grow 3% to 5% in local currency, due primarily to higher volume and product mix. In total, operating income is expected to grow 6% to 8%. The tax rate is expected to be 29.5%, an increase from 26.6% in 2012 which included the favorable impact of cash repatriation. Earnings per share are expected to be in a range of $3.15 to $3.23, an increase of 4% to 6% from 2012 earnings per share of $3.04. Capital expenditures in 2013 are expected to be in the range of $120 million to $130 million, up from $110 million in 2012. The company expects to increased profit and further improvement on working capital to deliver another year of strong cash flow.

Earnings per share in the first quarter of 2013 is expected to be comparable to the year-ago period, when the company reported $0.55 earnings per share.