US baby food group Mead Johnson said today that “strong contributions” from emerging markets boosted its first-quarter profits.
The company booked net earnings of US$127.5m for the three months to the end of March – compared to $106.6m a year earlier. Profits climbed due to lower financing costs and higher sales.
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Net sales rose 10% to $763.5m from a mix of price increases, a benefit from foreign exchange and improved volumes.
CEO Stephen Golsby said Mead Johnson’s China business was the “largest contributor to revenue growth” but he emphasised that the company had enjoyed double-digit gains in ten “major” markets in Asia and Latin America.
“Our results also reflect many actions taken to strengthen performance in the United States, including the introduction of several new products, resulting in improved market share,” Golsby said.
Click here for the full first-quarter statement from Mead Johnson.
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