- Second quarter sales of $1,111.1 million increased five percent from $1,055.3 million in the prior-year quarter. Sales were up 10 percent on a constant dollar basis.
- On a constant dollar sales basis, the Latin America segment grew 14 percent, the Asia segment grew 11 percent and the North America/Europe segment grew 4 percent.
- GAAP net earnings of $0.84 per diluted share for the second quarter of 2014 were in line with the prior year. The impact from higher sales and a lower effective tax rate was offset by higher dairy input costs, foreign exchange impacts, increased investments in demand creation and mark-to-market pension accounting (“MTM”) adjustments for certain employee benefit plans.
- Non-GAAP (1) net earnings were $0.88 per diluted share for the second quarter of 2014, a slight increase from the $0.87 per diluted share earned in the second quarter of 2013.
- For the full year, Mead Johnson now expects GAAP EPS guidance, excluding any further pension MTM adjustments, to be in the range of $3.59 to $3.66 per diluted share, as compared to the previously reported range of $3.54 to $3.66 per diluted share. Non-GAAP EPS, which excludes Specified Items, (1) is expected to be in the range of $3.65 to $3.72 per diluted share, as compared to the previously reported range of $3.60 to $3.72 per diluted share.
Mead Johnson Reports Second Quarter Constant Dollar Sales Growth Of 10 Percent; Narrows Full-Year EPS Guidance
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