Shares in US infant formula maker Mead Johnson closed up in New York after the company said it expected “solid” sales and profit growth in 2012.

Mead Johnson shares ended the day at US$74.01 yesterday (26 January) – an increase of 1.94% – after the company reported higher sales and profits in 2011 and CEO Stephen Golsby predicted further growth this year.

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The company’s net earnings were up 12.3% at $508.5m in 2011. EBIT climbed 13.4% to $774.1m on the back of a 17% jump in net sales to $3.67bn.

“Our exceptional financial performance continues to reflect our strong global growth strategy, and we expect that 2012 will be another successful year for Mead Johnson,” Golsby said. “We look forward to further success in 2012 and to a year of solid sales and earnings growth.”

Mead Johnson has forecast non-GAAP earnings per share of $3.00-3.10 in 2012, up from $2.79 per share in 2011, which was an increase of 15% on the year before.

Click here for the full earnings statement from Mead Johnson.

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