Mead Johnson Nutrition Co. (MJN) Misses Q2 EPS by 2c, Lifts Low-End of FY EPS Guidance

Mead Johnson Nutrition Co. (NYSE: MJN) reported Q2 EPS of $0.88, $0.02 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.1 billion.

Mead Johnson Nutrition Co. sees FY2014 EPS of $3.65-$3.72, versus prior guidance of $3.6-$3.72 and the consensus of $3.70.

“We are pleased with our overall performance in the second quarter,” said Chief Executive Officer Kasper Jakobsen. “Constant dollar sales grew by double digits again this quarter. Growth in Asia remained strong across most markets, including our biggest business in China/Hong Kong. Our North America/Europe segment continued to show growth and helped us offset a relatively weaker quarter in Latin America, where we were challenged to fully offset currency weakness with higher prices. As expected and discussed in our last earnings call, higher dairy costs put pressure on gross margin and limited earnings growth for the quarter. Despite pressure on our margin, we continued to invest in advertising and promotion at record levels. This demonstrates our commitment to our longer-term growth ambition and we still managed to grow year-to-date non-GAAP earnings per share by eight percent.”

For earnings history and earnings-related data on Mead Johnson Nutrition Co. (MJN) click here.

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