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Mead Johnson Delivers Strong Earnings; Second Quarter Constant Dollar Sales Up 11 Percent

Stocks in this article: MJN

           
MEAD JOHNSON NUTRITION COMPANY
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Dollars in millions, except per share data)
(UNAUDITED)
 
FOR THE THREE MONTHS ENDED JUNE 30, 2012 and 2011
 
Earnings Before Interest Net Earnings Attributable Earnings per Common
and Income Taxes to Shareholders Share - Diluted
2012 2011 2012 2011 2012 2011
GAAP results $ 248.3 $ 203.7 $ 165.8 $ 132.1 $ 0.81 $ 0.64
Specified Items: (1)
IT and other separation costs (2) 5.4 24.7
Severance and other costs (3) 0.5 (0.2 )
Legal, settlements and related costs (2,3)   1.4   0.3  
Specified Items before income taxes 7.3 24.8 7.3 24.8 0.03 0.12
Income tax impact on items above   (1.9 )   (8.2 )   (0.01 )   (0.04 )
Non-GAAP results $ 255.6 $ 228.5   $ 171.2   $ 148.7     0.83     0.72  
 
(1) All Specified Items are included in the Corporate and Other segment
(2) Included in Selling, General and Administrative expenses
(3) Included in Other Expenses/(Income)-net
           
FOR THE SIX MONTHS ENDED JUNE 30, 2012 and 2011
 
Earnings Before Interest Net Earnings Attributable Earnings per Common
and Income Taxes to Shareholders Share - Diluted
2012 2011 2012 2011 2012 2011
GAAP results $ 497.1 $ 426.3 $ 330.0 $ 278.2 $ 1.61 $ 1.35
Specified Items: (1)
IT and other separation costs (2) 7.1 40.1
Severance and other costs (3) 1.5 -
Legal, settlements and related costs (2,3)   2.9   1.2
Specified Items before income taxes 11.5 41.3 11.5 41.3 0.05 0.20
Income tax impact on items above   (2.9 )   (14.0 )   (0.01 )   (0.07 )
Non-GAAP results $ 508.6 $ 467.6 $ 338.6   $ 305.5   $ 1.65   $ 1.48  
 
(1) All Specified Items are included in the Corporate and Other segment
(2) Included in Selling, General and Administrative expenses
(3) Included in Other Expenses/(Income)-net




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