Mead Johnson (NYSE: MJN) reported Q2 EPS of $0.88, $0.10 better than the analyst estimate of $0.78. Revenue for the quarter came in at $941.5 million versus the consensus estimate of $963.66 million.

"As we move through this year, I am pleased that we continue to deliver against our profit objectives despite a challenging global operating environment," said Kasper Jakobsen, Chief Executive Officer. "We are making good progress with our portfolio and channel transformation in China despite near-term challenges. We are aligning the organization behind more ambitious operating cost reductions in support of both our growth and value creation strategies."

GUIDANCE:

Mead Johnson sees FY2016 EPS of $3.48-$3.60, versus the consensus of $3.51.

The company has revised its net sales outlook and now expects full year net sales of 5% to 7% below the prior year on a reported basis and 0% to 2% below the prior year on a constant dollar basis. The revision is driven by increased customs processes at border points in China, lower-than-expected U.S. market share in the first half of the year, as well as increased trade investments in China.

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