Hirsh Mohindra Chicago Business Update: Spring 2013
Following fast on the heels of the latest Hirsh Mohindra economic news update regarding the U.S. national economic expansion last Friday pointing to a 2.5 percent increase in growth in the first quarter over a year earlier, the local Chicago business outlook of noted local player Mead Johnson Nutrition is seemingly aligning with earlier modest expectations of some of our more well-known corporations headquartered here in the Windy City.
Mead Johnson Nutrition Co.’s first-quarter earnings climbed 5 percent, as higher prices for the infant formula maker’s products in Latin America and part of Asia countered a drop in volume from North America and Europe.
The Glenview company also said Thursday that it was reaffirming its forecast for 2013 earnings to range between $3.22 and $3.30 per share. Analysts expect, on average, $3.28 per share, according to FactSet.
For the three months that ended March 31, the company earned $172.5 million, or 85 cents per share. That compares to earnings of $164.2 million, or 80 cents per share, the previous year.
Adjusted earnings totaled 85 cents per share, which matched analyst expectations.
Revenue grew more than 5 percent to $1.04 billion, and that topped the average analyst forecast for about $1.02 billion.