McCormick reported Q4 revenue slightly below consensus, $1.174B vs $1.209. EPS of $1.16 was in-line with consensus. Guidance is weak though. McCormick blames a 3% currency headwind to revenue in 2015. McCormick's outlook is for sales to grow 4% - 6% in local currency not including a 3% fx headwind. The net revenue growth outlook is 1% - 3%. Consensus is for sales to grow 3.7%. Adjusted EPS guidance of $3.51 - $3.58 is also below the $3.59 consensus. Another victim of the strong USD. McCormick plans to cut cost and raise prices to offset mid-single digit growth in COGS.