Second Quarter ResultsNet sales for the second quarter totaled $1,012.3 million, up 9 percent from $932.0 million a year ago. Sales benefited 8 percent from price, 3 percent from volume, reduced by 2 percent from foreign exchange. Earnings before interest and income taxes (EBIT) for the second quarter totaled $248.3 million, up 22 percent from $203.7 million a year earlier. The EBIT increase was driven by sales growth, lower IT and other separation expenses following the 2011 SAP implementation, favorable balance sheet re-measurement gains from foreign exchange and lower performance-based compensation accruals. These factors were partially offset by lower gross margins, higher demand-generation investments and the earlier recognition of pension settlement expense compared to the prior year.
Mead Johnson Delivers Strong Earnings; Second Quarter Constant Dollar Sales Up 11 Percent
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