McCormick & Co. (NYSE: MKC) reported Tuesday that it plans to resume share buybacks and expects increases in earnings per share and sales in 2011 and beyond, according to Associated Press.
The spice and seasonings maker said it expects earnings per share to grow 9 percent to 11 percent in 2011 and beyond, while net sales will grow 4 percent to 6 percent annually.
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The company said its stock repurchases are the result of its efforts to increase cash flow from operations over the past two years by improving its working capital.
The company did not disclose how many shares it planned to buy back this year under an existing authorization program but said in a news release that the repurchases would be an offset to the impact of stock option activity.
For its fiscal year ended Nov. 30, McCormick earnings rose 17 percent to $299.8 million, or $2.27 per share, on a 0.3 percent rise in sales to $3.19 billion.
Analysts expect earnings of $2.52 a share on revenue of $3.34 billion this fiscal year, which would be an 11 percent rise in earnings per share on a 4.7 percent increase in revenue.
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