Infant formula maker Mead Johnson Nutrition Co. said Thursday that  its profit climbed 56 percent in the fourth quarter as sales in Asia and Latin America continued to improve. But its forecast for 2011 was short of Wall Street estimates.

The maker of Enfamil said its net income rose to $99.6 million, or 48 cents per share, in the last three months of 2010 from $64 million, or 31 cents per share, a year earlier.

Excluding one-time costs related to its initial public offering, severance expenses, legal costs and other items, the company said it earned 57 cents per share.

Its revenue rose 13 percent, to $803.7 million from $714.4 million.

Analysts expected earnings of 56 cents per share on revenue of $806.3 million, according to estimates compiled by FactSet.

Mead Johnson said revenue in Latin America and Asia rose a combined 20 percent to $509.7 million. It said business was especially strong throughout Latin America and in China and Hong Kong. Sales in North America and Europe rose 2 percent to $294 million. It added that changes in foreign currency exchange rates boosted its sales by about 2 percent.

Mead Johnson was a wholly owned unit of drugmaker Bristol-Myers Squibb Co. until it completed its IPO in February 2009. The company was fully separated from Bristol-Myers in December 2009.

Its annual profit grew 13 percent, to $452.7 million, or $2.20 per share, from $399.6 million, or $1.99 per share, in 2009. Revenue increased 11 percent, to $3.14 billion from $2.83 billion.

Mead Johnson said it expects an adjusted profit of $2.55 to $2.65 per share in 2011. Net sales are expected to grow 7 to 8 percent, which suggests a total of $3.36 billion to $3.39 billion. On average, analysts are forecasting a profit of $2.73 per share and $3.44 billion in revenue.

Shares of Mead Johnson Nutrition closed down 41 cents, to $59.61, Thursday.