DOW JONES NEWSWIRES Mead Johnson Nutrition Co.'s (MJN) first-quarter earnings rose 12% as emerging markets helped drive the company's better-than-expected sales. The company also raised its full-year earnings estimate to between $3.04 and $3.14 a share from its January forecast of $3 to $3.10 a share. The maker of nutritional products, such as Enfamil baby formula, has seen double-digit sales increases for nearly two years, aided by growth in emerging and developing markets. Last month, Mead Johnson formed a joint venture with dairy producer SanCor Cooperativas Unidas Ltda. of Argentina to sell SanCor Bebe-branded pediatric nutrition products across the Southern Cone of South America. Mead Johnson reported a profit of $164.2 million, or 80 cents a share, up from $146.1 million, or 71 cents, a year earlier. Excluding items such as severance and litigation costs, earnings rose to 82 cents from 76 cents. Sales jumped 9.6% to $986.6 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 78 cents on revenue of $978 million. Gross margin fell to 62.1% from 64.4%, due in part to higher dairy costs. Sales in Asia and Latin America grew 22% while North America and Europe sales were down 12%. Shares closed Wednesday at $83.07 and were inactive premarket. The stock has risen 12% over the past three months. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
