Mead Johnson, the US-based infant nutrition group, has booked an increase in third quarter sales and earnings but a narrow miss of consensus expectations caused shares to slide in New York today (23 October).
The company said that sales in the three months to end-September rose 4% to US$1.09bn. Excluding the impact of currency exchange sales rose 7%, Mead Johnson stressed.
Go deeper with GlobalData
Sales were boosted by a strong performance in Latin America – where constant currency revenue increased 14% – and a rebound in North America/Europe where constant currency sales were up 10%. Mead Johnson said that US sales benefited from soft comparables as the company lapped de-stocking issues in the year-ago period. In Asia, however, constant currency sales were softer – up just 4%.
EBIT totalled $242.6m for the quarter, compared to $250.7m for the comparative period in 2013. Net earnings were $0.92 per diluted share for the third quarter of 2014, 10% higher than net earnings of $0.84 per diluted share last year.
The result narrowly missed consensus estimates of $0.93 a share. The group’s share price was off 0.77%, dropping to $99.81 at 12.05 ET.
See Also:
Mead Johnson reaffirmed its full-year outlook for earnings of $3.59 to $3.66.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
