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Mead Johnson Nutrition Reports Second Quarter Earnings

In the Consolidated Statements of Cash Flow table the date should read June 30 (sted March 31).

The corrected release reads:

MEAD JOHNSON NUTRITION REPORTS SECOND QUARTER EARNINGS

Mead Johnson Nutrition Company (NYSE: MJN) today announced its financial results for the quarter ended June 30, 2013.

  • 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.

“We are encouraged by our revenue growth in the quarter. It allowed us to increase demand-generation investments,” said Chief Executive Officer Peter Kasper Jakobsen. “Our China/Hong Kong business has returned to positive volume growth after three consecutive quarters of decline. We are fully cooperating with the Chinese regulatory authorities in the ongoing probe. We expect to meet with them again in the near future with the objective of reaching a final resolution. We remain confident in our long-term prospects in this important market. Sales growth was strong across South Asia and Latin America, with a majority of markets showing increases in market share. In the North America/Europe segment, we saw higher non-WIC* market share in the U.S. offsetting lower category consumption. Importantly, we made significantly higher investments in demand generation throughout our global operations in order to drive future growth.”

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