US infant formula group Mead Johnson today (31 January) booked higher annual sales and profits but its shares fell after its forecast for 2014 earnings fell below Wall Street estimates.

The company booked a 7.4% rise in net earnings to US$649.5m for 2013. EBIT was $924.6m, compared to $870m in 2012.

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Sales increased 8% to $4.2bn thanks to higher prices and volumes.

“We are pleased with our strong 2013 performance as we achieved sales growth at the top end of our guidance range and earnings that exceeded expectations,” CEO Kasper Jakobsen said.

However, Mead Johnson’s forecast for 2014 full-year non-GAAP earnings per share of $3.50 to $3.62 was below Wall Street estimates. Analysts surveyed by Thomson Reuters had forecast $3.67 a share.

Mead Johnson’s stock was down 1% at $78.58 at 12:02 ET.

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