Mead Johnson Nutrition Co.'s fourth-quarter profit rose 14 percent, bolstered by growth in Asia and Latin America , but the Enfamil infant formula maker's 2014 outlook disappointed. The company said its Asia sales rose 19 percent to $544.2 million in the fourth quarter, with a boost from a market share recovery in China . Mead Johnson had said this summer that it would cut its infant formula prices in China amid a government price-fixing investigation there. Several other foreign makers of baby formula also cut their prices. Formula from foreign suppliers is popular in China after product quality scandals involving domestic formula makers. The Glenview, Ill. , company said Friday that it expects adjusted per-share earnings this year of $3.50 to $3.62 , with higher dairy costs and changes in foreign exchange rates hurting its profitability. Analysts forecast earnings of $3.68 per share, according to FactSet. In the fourth quarter, Mead Johnson earned $153.2 million , or 75 cents per share. That's up from $134.2 million , or 66 cents per share, in the previous year's quarter. Adjusted earnings were 78 cents per share, two cents better than analysts' average projection. Revenue climbed 8 percent to $1.06 billion , in line with Wall Street's view. Mead Johnson shares fell 2.9 percent, or $2.28 , to $77.09 Friday afternoon.
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