Children's formula maker Mead Johnson Nutrition Co. said on April 29 its first-quarter profit advanced 21% as sales increased in Latin America and Asia.
The Enfamil maker said its profit grew to $125.6 million, or 61 cents per share. That's up from $103.5 million, or 55 cents per share, a year earlier.
Revenue rose 10%, to $763.5 million from $693 million.
Mead Johnson said its profit was reduced by 5 cents per share because the Venezuelan bolivar was devalued in January. That reduction is not counted as a one-time charge.
The former Bristol-Myers Squibb unit said revenue from Asia and Latin America climbed 17% to $456 million. North America and Europe revenue edged up 1%, to $307.5 million. It said lower interest expense and taxes also boosted its results.
Mead Johnson narrowed its profit forecasts for the year. It now expects a profit of $2.10 to $2.17 per share rather than $2.07 to $2.17 per share.
Copyright 2010 The Associated Press.