US: Mead Johnson hails "strong" 2013 but shares down on 2014 forecasts
Mead Johnson has posted an 8% sales increase for Q4 2013
US infant formula group Mead Johnson today (31 January) booked higher annual sales and profits but its shares fell after its forecast for 2014 earnings fell below Wall Street estimates.
The company booked a 7.4% rise in net earnings to US$649.5m for 2013. EBIT was $924.6m, compared to $870m in 2012.
Sales increased 8% to $4.2bn thanks to higher prices and volumes.
"We are pleased with our strong 2013 performance as we achieved sales growth at the top end of our guidance range and earnings that exceeded expectations," CEO Kasper Jakobsen said.
However, Mead Johnson's forecast for 2014 full-year non-GAAP earnings per share of $3.50 to $3.62 was below Wall Street estimates. Analysts surveyed by Thomson Reuters had forecast $3.67 a share.
Mead Johnson's stock was down 1% at $78.58 at 12:02 ET.
For the full results, click here.
- Rabobank's early view on Brexit impact on food
- New food waste standard will help monitor progress
- Kellogg uses Kashi to finally join party - comment
- Tyrrells' growth plans - CEO interview, part two
- How could a TTIP affect the food industry?
- Brexit – Live reaction from food industry
- Kellogg to invest in "next-generation innovation"
- Post, ConAgra 'held talks' over Lamb Weston merger
- R&R Ice Cream names Daniel Martinez new CFO
- Mars takes UK chocolate brands into trail mixes
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights