- Third quarter sales of $1,047 million increased 14 percent from $921 million in the same quarter a year ago. On a constant dollar basis, sales were up 16 percent. Constant dollar sales grew 21 percent in the Asia/Latin America segment and two percent in the North America/Europe segment.
- Four percent of the company's sales growth was due to an easier comparison attributed to distributors' inventory reductions in China during the prior-year quarter. In addition, price increases in Venezuela and Argentina that helped mitigate high inflation in these markets contributed two percent to company growth.
- GAAP net earnings in the third quarter of 2013 were $0.79 per diluted share, compared to $0.69 per diluted share a year ago. China's National Development and Reform Commission (“NDRC”) assessed an administrative penalty in connection with its antitrust review, which impacted third quarter net earnings by $0.11 per diluted share.
- Non-GAAP (1) net earnings were $0.91 per diluted share for the third quarter of 2013, compared to $0.71 per diluted share in the prior-year quarter, driven by higher sales and gross margin, partially offset by a higher effective tax rate and higher demand-generation investments.
- Full-year GAAP EPS guidance is expected to be in the range of $3.12 to $3.19. Specified Items are estimated at $0.18 per diluted share, which includes the administrative penalty related to the China antitrust review. Full-year non-GAAP EPS is now expected to be in the range of $3.30 to $3.37, an increase from $3.22 to $3.30.
Mead Johnson Nutrition Company (NYSE: MJN) today announced its financial results for the quarter ended September 30, 2013.