First-quarter Asia/Latin America sales for Mead Johnson Nutrition Co. rose 6.8% to $755.3 million, aided in part by particularly strong sales in Hong Kong, the firm said April 25. The Hong Kong government is limiting the amount of formula that can be taken out of the territory, spurring a scramble among Chinese consumers to stock up on product sold in Hong Kong before the rule took effect March 1 ([A#05130401003]). On a same-day earnings call, CEO-elect Kasper Jakobsen said MJN is “working on multiple fronts to ensure we can continue to meet the China consumer’s desire for trusted products,” and is cautiously watching Hong Kong, where the infant formula company holds a leading share position.
Glenview, Ill.-based MJN reported net sales of $1.04 billion in the January-March period, up 5.2%, with net earnings 2.8% higher...