Mead Johnson Nutrition Co., the US-based infant formula firm, today (28 April) booked falling first-quarter sales and earnings due to the impact of its IPO in February.
The company, which is listed non the New York stock exchange, reported a 1% fall in net sales to $693m for the three months to the end of March.
Mead Johnson, in which Bristol-Myers Squibb still owns an 85% stake, said net earnings attributable to the business totalled $103.5m, or $0.55 per diluted share – compared with $130.6m, or $0.77 per diluted share, a year earlier.
Stripping out the effects of the IPO, sales rose by 7% on a constant-currency basis thanks to a “strong performance” in Asia and Latin America.
Underlying net earnings increased by 2% to $115.8m, or $0.57 per diluted share, up from $113.5m, or $0.56 per diluted share, for the same quarter a year ago.
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CEO Stephen Golsby said: “We expect our full-year results will be driven by double-digit revenue gains in our key growth markets in Asia and Latin America and supported by innovative new products scheduled for launch in the United States and internationally through the remainder of 2009.”