Mead Johnson Nutrition reported an increase in earnings today (22 October) for the first nine months of the year, in what it described as a “solid performance”.
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For the period ended 30 September non-GAAP net earnings increased to US$356.9m, up 13% from a year ago.
Non-GAAP net sales of $2.11bn were down 2% compared with 2008. Excluding foreign exchange, sales increased 4%.
EBIT increased to $593.5m in the first nine months of 2009, up from $573.1m in the prior year.
“Our solid performance reflects the success of our global growth strategies,” said Mead Johnson CEO Stephen Golsby. “Our sales performance in constant dollars reflects continued double-digit growth in Asia and Latin America, as we continue to launch new products, strengthen our marketing programmes and expand our distribution footprint in China.
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By GlobalDataThe company said it expects to report non-GAAP EPS in the range of $2.20 to $2.25 for 2009, which is at the high end of its previous range of $2.15 to $2.25, up 17% from $1.90 per share in 2008.
Last month, Mead Johnson Nutrition earmarked a site in Evansville, Indiana for the building of a US$32.8m powder blending and packaging facility.
The company said that the plant will “enhance” its ability to respond to the growing consumer preference for powdered infant formula products.
