WASHINGTON (dpa-AFX) - Mead Johnson Nutrition Co. (MJN) posted first-quarter net earnings of $164.2 million or $0.80 per share, higher than $146.1 million or $0.71 per share in the prior-year quarter.
Excluding items, adjusted net earnings for the quarter increased to $167.4 million or $0.82 per share from $156.8 million or $0.76 per share in the year-ago quarter.
Net sales for the quarter rose 9 percent to $986.6 million from $899.8 million in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share on revenues of $978.21 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2012, The company raised adjusted earnings guidance to a range of $3.04 to $3.14 per share from the prior forecast of $3.00 to $3.10 per share. Annual constant dollar sales growth is expected to be in the range of 9 to 11 percent.
Street is currently looking for full-year 2012 earnings of $3.11 per share on annual revenues of $4.01 billion.
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