Mead Johnson Nutrition Q3 Profit Rises; Affirms Full Year Guidance

(RTTNews) - Mead Johnson Nutrition Company (MJN) reported that its third-quarter net income to shareholders increased to $187.6 million or $0.92 per share, from $171.3 million or $0.84 per share, last year. On a non-GAAP basis, net earnings attributable to shareholders totaled $187.9 million, or $0.93 per share, for the third quarter of 2014.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.90 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $1.09 billion from $1.05 billion, last year. Analysts expected revenue of $1.08 billion for the quarter.

Mead Johnson reaffirmed its full-year GAAP EPS guidance, excluding any further pension MTM adjustments, to be in the range of $3.59 to $3.66 per share. Non-GAAP EPS is expected to be in the range of $3.65 to $3.72 per diluted share. Analysts expect the company to report full year earnings per share of $3.72.

"With nine months of 2014 behind us, we anticipate that full-year constant dollar sales growth will be approximately nine percent. While individual markets may experience short-term volatility, we expect our diverse geographic portfolio will allow us to deliver continued solid revenue growth, and we further expect to rebuild profit margins in the coming quarters as dairy input costs moderate," said CEO Kasper Jakobsen.