Mead Johnson Nutrition has reported a 36% jump in third-quarter profits on the back of rising sales in Asia and Latin America.
The US infant nutrition group yesterday (27 October) posted net earnings of US$144.7m for the three months to the end of September, up 36.4% on the year. EBIT climbed 21.9% to $201.7m.
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Mead Johnson confirmed the third-quarter sales forecast it provided earlier this month and said its net sales had risen 15% to $933.9m. Sales in Asia and Latin America were up 30% and offset a 7% fall in sales from Mead Johnson’s North America and Europe division.
However, the company said its market share was higher in the US year-on-year and pointed to a declining market.
CEO Stephen Golsby said Mead Johnson’s “strong sales and earnings performance” was a reflection of the “success” of its “global growth strategies”.
He added: ““We experienced double-digit sales growth in the majority of our Asia and Latin America markets. Results for the US business reflect share gains from our product innovation, offset by an overall decline in the market and a tough comparison with the third quarter of 2010 when a competitor commenced a product recall. We continue to invest in demand-generation activities for long-term growth.”
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