China Baby Formula Woes Lead Mead Johnson to Cut Forecast
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A slowing Chinese economy forced infant formula maker Mead Johnson Nutrition Co. to cut its 2015 sales and profit forecast, saying that demand for locally made products was lackluster. The shares fell in late trading.
Sales will grow no more than 2 percent this year, down from the 7 percent previously forecast by the company. Earnings, excluding one-time items, will be $3.63 to $3.78 a share, compared with the $3.90 to $4 a share projected in April, the company said in a statement.