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.
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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”.
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