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Thursday, Oct 24
Mead Johnson Nutrition tops view, raises guidance
- Mead Johnson Nutrition (MJN) easily tops estimates for Q3, as revenue rises 14% Y/Y (+16% on a constant dollar basis).
- MJN notes that around 6% of sales growth is attributable to an easy comp (inventory reductions at Chinese distributors in Q3 2012) and price increases in Venezuela and Argentina. Asia/Latin America sales rise 19% to $768M.
- "Sales growth was strong in all regions, with share gains in most markets. Strong double-digit growth was driven by higher volumes, most notably in China/Hong Kong," CEO Kasper Jakobsen notes.
- FY13 outlook: Adjusted EPS of $3.30-3.37 (versus previous guidance of $3.22-3.30/share) on sales growth of 9-10%. (PR)