The North America/Europe segment reported sales of $317.6 million for the fourth quarter of 2012, up four percent from $306.5 million in 2011. Sales benefited five percent from price offset by a one percent decline from volume. Higher sales in the United States from gains in non-WIC market share were partially offset by continued category decline from higher breastfeeding rates and the transition of several smaller WIC contracts. Sales growth in the United States was partially offset by lower sales in Europe as we refocused the business on higher margin specialty infant formula products. EBIT totaled $88.9 million, up 39% compared to $64.1 million in the fourth quarter a year ago. The increase was the result of higher sales, improved gross margins from lower U.S. dairy costs and lower operating expenses.Corporate and Other expenses declined primarily from the timing of pension settlement expense, which was initially triggered in the second quarter of 2012 compared to the fourth quarter of 2011.
Mead Johnson Reports Strong Fourth Quarter And Full Year Constant Dollar Sales Growth Of 7 Percent; Delivers Non-GAAP EPS Growth Of 10 Percent; Provides 2013 Guidance
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