US: China slowdown hits Mead Johnson Q3
- Net profit down 3%
- EBIT drops 11.8%
- Sales slip to $921.3m
Mead Johnson said it entered the third quarter with “lower market share as well as distributors carrying higher inventories in China”
US infant formula group Mead Johnson has booked an drop in third-quarter earnings, hurt by a slowdown in China.
In the three months to the end of September, the company earned US$140.4m, down 3% on the prior year period. EBIT fell 11.8% to $166.3m.
Sales slipped to $921.3m from $933.9m a year earlier, hurt by foreign exchange losses.
The company said that while it was "pleased with the strong growth" it delivered in most of its emerging markets during the quarter, that it entered the third quarter with "lower market share as well as distributors carrying higher inventories in China".
This report analyzes the worldwide markets for Baby Foods and Infant Formula in US$ Million by the following Product Segments: Infant Formula (Baby Milks/Baby Formulas), Baby Meals, Baby Cereals, Baby...
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