Mead Johnson Nutrition Management Discusses Q2 2012 Results - Earnings Call Transcript

Keep in mind that our actual results may differ materially from expectations as of today, due to various factors, including those listed in our Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Report on Form 8-K, in each case, as filed with or furnished to the Securities and Exchange Commission and our earnings release issued this morning, all of which are available upon request on our website at meadjohnson.com.

In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change.

To be respectful of your time, I will now turn the call over to Steve.

Stephen W. Golsby

Thank you, Kathy, and good morning, everyone. As you've likely read in our press release, Mead Johnson delivered sales growth of 11% on a constant dollar basis in the second quarter. This was delivered by continued strong performance from the emerging markets of Asia and Latin America, the benefit from our Argentine acquisition completed late in the first quarter and the improving comparison in our North America/Europe segment with soft, flat sales versus the prior year excluding the impact of foreign exchange.

Our recovery from the impact of the misleading U.S. media report of alleged product contamination last December is quite evident, and we're confident that progress will continue in the second half of the year.

Non-GAAP earnings of $0.83 per share were up 15% from the $0.72 per share reported in the second quarter of 2011. Earnings increased due to strong sales growth, a favorable foreign exchange comparison, lower administrative costs and a reduced tax rate.

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