- Net sales of $1,012.3 million in the quarter were up 9 percent versus the second quarter of 2011. Excluding the unfavorable impact of foreign exchange, sales increased 11 percent.
- GAAP net earnings of $0.81 per diluted share for the second quarter of 2012 were up 27 percent from $0.64 per diluted share a year ago.
- Non-GAAP (1) net earnings of $0.83 per diluted share increased 15 percent from $0.72 per diluted share for 2011.
- The sales increase was driven by the Asia/Latin America segment with constant dollar growth of 16 percent with a majority of the markets achieving double-digit gains. For the North America/Europe segment, sales were flat excluding the unfavorable impact of foreign exchange.
- Earnings benefited from strong sales growth, reduced IT and other separation expenses following the prior year SAP implementation, balance sheet re-measurement gains from foreign exchange and a lower effective tax rate. These benefits were partially offset by lower gross margins largely driven by higher commodity costs, higher demand-generation investments and the recognition of pension settlement expense.
- Full-year non-GAAP EPS is expected to be in the range of $3.04 to $3.14. Including specified items estimated at $0.09 per share, full-year GAAP EPS guidance is $2.95 to $3.05. (1) See “Non-GAAP Financial Measures” and the reconciliation of GAAP and non-GAAP results included in this release.
Mead Johnson Delivers Strong Earnings; Second Quarter Constant Dollar Sales Up 11 Percent
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