McCormick Announces Plans To Accelerate CCI Actions In EMEA And Updates Fiscal 2013 Guidance
In 2009,
The EMEA region has contributed significantly to the company's CCI performance goals. During 2013, additional projects have been identified to further improve productivity and process standardization in this region while supporting its competitiveness and long-term growth. These initiatives include the closure of the company's current operation in
The company expects to record approximately
The CCI-related charges to be recorded in 2013 are expected to lower earnings per share by approximately
Non-GAAP Financial Measures
The table below includes a financial measure of projected diluted 2013 adjusted earnings per share excluding the expected estimated impact of a
This non-GAAP measure may be considered in addition to results prepared in accordance with GAAP, but it should not be considered a substitute for, or superior to, GAAP results. We intend to continue to provide this non-GAAP financial measure as part of our future earnings discussions and, therefore, the inclusion of this non-GAAP financial measure will provide consistency in our financial reporting. A reconciliation of this non-GAAP measure to GAAP financial results is provided below.
Fiscal year 2013 Projections |
||
Earnings per share range |
$2.89 to $2.95 |
(a) |
Impact of $23 million CCI-related charge |
.14 |
|
Impact of $20 million settlement charge |
.10 |
|
Adjusted earnings per share range |
$3.13 to $3.19 |
(a) |
(a) The company has guided to the lower end of the earnings per share range and adjusted |
Forward-looking Information
Certain information contained in this release, including statements concerning expected performance such as those relating to earnings and cost savings, are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "believe" and "plan." These statements may relate to: the expected results of operations, expected productivity and working capital improvements, expected earnings performance and other financial measures, the expectations of pension and postretirement plan contributions and anticipated charges associated with such plans, and the anticipated cost savings and/or charges associated with the CCI program.
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the successful acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber attacks, and other risks described in the company's filings with the
Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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