US infant formula group Mead Johnson has lowered its full-year sales outlook, citing a slowdown in Chinese demand.
In its second-quarter earnings release today (26 July), Mead Johnson reduced its full-year sales guidance to a range to 8-9%, down from 9-11%. The company did however restate its full-year profit target of $3.04 to $3.14 per share.
CEO Stephen Golsby said the company expects a slower growth rate in the second half due to "slower growth in China".
"While expecting weaker third-quarter growth, we remain confident that we will exit the year with improved market share in China and that our strategies and execution will deliver strong earnings performance," Golsby said.
For the second quarter, Mead Johnson said net income totalled US$165.8m, up from $132.1m last year. Net sales rose to $1.01bn, from $932m.
