By Ezequiel Minaya

Mead Johnson Nutrition Co. Thursday posted a 64% slide in quarterly profit as currency headwinds hurt its business in Latin America and Asia.

Sales in Latin America fell 22%, especially impacted by tumult in Venezuela, and 14% in Asia. The company said that it expected certain items to drag annual earnings on a per-share basis by 57 cents compared with prior guidance of 12 cents, mostly due to first-quarter charges linked to the company's Venezuela business.

Bottom-line earnings for fiscal 2016 are expected to be between $2.91 and $3.03, while guidance for adjusted earnings, which factors out one-time impacts, remains at $3.48 to $3.60.

The Illinois-based company, which sells baby formula and children's nutritional products, has about 70% of its business in international markets.

Overall, the company posted a profit of $72.7 million, or 39 cents a share, down from $207.4 million, or $1.02 a share, a year earlier. On an adjusted basis, earnings per share were 87 cents, down from $1.02 a year ago.

Revenue fell 12% to $962.1 million. On a constant-currency basis, it dipped 6%.

Analysts surveyed by Thomson Reuters forecast per-share earnings at 85 cents a share on revenue of $956 million.

Shares were inactive premarket.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

April 28, 2016 08:39 ET (12:39 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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