US infant formula group Mead Johnson has lowered its full-year sales outlook, citing a slowdown in Chinese demand.
In its second-quarter earnings release today (26 July), Mead Johnson reduced its full-year sales guidance to a range to 8-9%, down from 9-11%. The company did however restate its full-year profit target of $3.04 to $3.14 per share.
Go deeper with GlobalData
CEO Stephen Golsby said the company expects a slower growth rate in the second half due to “slower growth in China”.
“While expecting weaker third-quarter growth, we remain confident that we will exit the year with improved market share in China and that our strategies and execution will deliver strong earnings performance,” Golsby said.
For the second quarter, Mead Johnson said net income totalled US$165.8m, up from $132.1m last year. Net sales rose to $1.01bn, from $932m.
See Also:
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
