- Sales of $1,055 million for the second quarter of 2013 increased four percent on both a reported and constant dollar basis, up from $1,012 million in the prior-year quarter. Sales growth was eight percent in the Asia/Latin America segment, partially offset by a four percent decline in the North America/Europe segment due to the impact of businesses exited in late 2012.
- Excluding the impact of non-core businesses exited in late 2012, sales growth in the second quarter of 2013 was five percent compared to the same quarter a year ago. On the same basis, sales for the North America/Europe segment, which included most of the non-core businesses, were in line with the prior-year quarter.
- GAAP net earnings in the second quarter of 2013 were $0.80 per diluted share, compared to $0.81 per diluted share a year ago.
- Non-GAAP (1) net earnings were $0.84 per diluted share for the second quarter of 2013, compared to $0.83 in the prior-year quarter, driven by higher sales and gross margin, with these benefits largely offset by higher demand-generation investments.
- Mead Johnson expects its full-year non-GAAP EPS to be in the range of $3.22 to $3.30. Absent any incremental impact related to the China antitrust review, we expect GAAP EPS in the range of $3.16 to $3.24. (1) For the definition of Specified Items and a reconciliation of GAAP and non-GAAP results, see “Non-GAAP Financial Measures” on the schedule titled “Supplemental Financial Information,” included in this release.
Mead Johnson Nutrition Reports Second Quarter Earnings
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