Mead Johnson Updates 2015 Financial Guidance
(1) Constant dollar figures exclude the impact of changes in foreign currency exchange rates and Non-GAAP results exclude Specified Items. For a description of Specified Items, and a reconciliation of non-GAAP to GAAP and constant dollar results, see the schedule titled “Supplemental Financial Information.”
“Though disappointed with our second quarter revenue performance,
especially in
The Company will provide further details during its earnings call
scheduled for
The Company does not intend to update its guidance in the future through an interim disclosure such as this, in the absence of similar circumstances, and investors should not expect the Company to provide such interim updates to its guidance.
Conference Call Scheduled
Mead Johnson will host a conference call to discuss the second quarter,
first-half results and updated guidance on
Forward-Looking Statements
Certain statements in this news release are forward-looking as defined
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by the fact they use words
such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,”
“project,” “guidance,” “intend,” “plan,” “believe” and other words and
terms of similar meaning and expression. Such statements are likely to
relate to, among other things, a discussion of goals, plans and
projections regarding financial position, results of operations, cash
flows, market position, product development, product approvals, sales
efforts, expenses, capital expenditures, performance or results of
current and anticipated products and the outcome of contingencies such
as legal proceedings and financial results. Forward-looking statements
can also be identified by the fact that they do not relate strictly to
historical or current facts. Such forward-looking statements are based
on current expectations that involve inherent risks, uncertainties and
assumptions that may cause actual results to differ materially from
expectations as of the date of this news release. These risks include,
but are not limited to: (1) the ability to sustain brand strength,
particularly the Enfa family of brands; (2) the effect on the company’s
reputation of real or perceived quality issues; (3) the effect of
regulatory restrictions related to the company’s products; (4) the
adverse effect of commodity costs; (5) increased competition from
branded, private label, store and economy-branded products; (6) the
effect of an economic downturn on consumers’ purchasing behavior and
customers’ ability to pay for product; (7) inventory reductions by
customers; (8) the adverse effect of changes in foreign currency
exchange rates; (9) the effect of changes in economic, political and
social conditions in the markets where we operate; (10) changing
consumer preferences; (11) the possibility of changes in the WIC(2)
program, or participation in WIC; (12) legislative, regulatory or
judicial action that may adversely affect the company’s ability to
advertise its products, maintain product margins, or negatively impact
the company’s reputation or result in fines or penalties that decrease
earnings; and (13) the ability to develop and market new, innovative
products. For additional information regarding these and other factors,
see the company’s filings with the
About Mead Johnson
Mead Johnson, a global leader in pediatric nutrition, develops, manufactures, markets and distributes more than 70 products in over 50 markets worldwide. The company’s mission is to nourish the world’s children for the best start in life. The Mead Johnson name has been associated with science-based pediatric nutrition products for over 100 years. The company’s “Enfa” family of brands, including Enfamil® infant formula, is the world’s leading brand franchise in pediatric nutrition. For more information, go to www.meadjohnson.com.
MEAD JOHNSON NUTRITION COMPANY |
SUPPLEMENTAL FINANCIAL INFORMATION |
(Dollars in millions) |
(PRELIMINARY AND UNAUDITED) |
This news release contains non-GAAP financial measures, which may include non-GAAP net sales and earnings and earnings per share information. The items included in GAAP measures, but excluded for the purpose of determining the above listed non-GAAP financial measures, include significant income/expenses not indicative of underlying operating results, including the related tax effect. The above listed non-GAAP measures represent an indication of the company’s underlying operating results and are intended to enhance an investor’s overall understanding of the company’s financial performance. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Tables that reconcile non-GAAP to GAAP disclosure follow. |
Constant | ||||||||||||||||||||||
Net Sales, in millions | Q2 2015 | Q2 2014 | Reported | Dollar | Volume | Price/Mix | Exchange | |||||||||||||||
Net Sales | $ | 1,032.4 | $ | 1,111.1 | (7 | %) | (3 | %) | (5 | %) | 2 | % | (4 | %) | ||||||||
EPS (earnings per dilutive share) | Q2 2015 | |||||||||||||||||||||
GAAP | $ | 0.80 | ||||||||||||||||||||
Specified Items (Note 1) | $ | (0.04 | ) | |||||||||||||||||||
Non-GAAP | $ | 0.76 |
Note 1: Specified Items include other income of $0.02 and the tax
benefit related to the
View source version on businesswire.com: http://www.businesswire.com/news/home/20150714006727/en/
Source:
Mead Johnson Nutrition Company
Investors:
Kathy
MacDonald, (847) 832-2182
kathy.macdonald@mjn.com
or
Media:
Christopher
Perille, (847) 832-2178
chris.perille@mjn.com
7/14/2015