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Last $89.66 USD
Change Today -0.43 / -0.48%
Volume 201.9K
As of 10:13 AM 07/29/15 All times are local (Market data is delayed by at least 15 minutes).

mead johnson nutrition co (MJN) Key Developments

Mead Johnson Nutrition Company Announces Settlement with U.S. Securities and Exchange Commission

Mead Johnson Nutrition Company announced that it has entered into a settlement agreement with the U.S. Securities and Exchange Commission fully resolving the SEC’s investigation of certain of Mead Johnson’s promotional practices in China during the period 2008-2013. The investigation was first disclosed by Mead Johnson in 2013. Under the terms of the settlement agreement, Mead Johnson has agreed to disgorgement, as well as the payment of pre-judgment interest and a penalty, resulting in an aggregate payment of $12,030,000. This payment is in line with the expense provision the company took related to the SEC investigation within its first quarter, 2015. The settlement agreement provides that Mead Johnson neither admits nor denies the allegations in the settlement and order. Further, the agreement credits Mead Johnson for its cooperation with the investigation and for taking a number of positive steps to bolster its compliance program, function and processes.

Mead Johnson Nutrition Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Capital Spending Guidance for the Full Year of 2015

Mead Johnson Nutrition Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $1,032.4 million compared to $1,111.1 million a year ago. Earnings before interest and income taxes were $229.2 million compared to $244.9 million a year ago. Earnings before income taxes were $215.3 million compared to $229.6 million a year ago. Net earnings were $162.6 million compared to $176.1 million a year ago. Net earnings attributable to shareholders were $162.9 million or $0.80 per diluted share compared to $171.4 or $0.84 per diluted share million a year ago. For the six months, the company reported net sales of $2,126.8 million compared to $2,224.4 million a year ago. Earnings before interest and income taxes were $514.4 million compared to $536.1 million a year ago. Earnings before income taxes were $486.7 million compared to $508.4 million a year ago. Net earnings were $369.7 million compared to $383.9 million a year ago. Net earnings attributable to shareholders were $370.3 million or $1.82 per diluted share compared to $373.8 or $1.84 per diluted share million a year ago. Net cash provided by operating activities was $456.5 million compared to $304.0 million a year ago. Capital expenditures were $80.0 million compared to $94.8 million a year ago. Debt stood at $1.5 billion as of June 30, 2015, with its net debt position close to 0. For the full year of 2015, capital spending expectations remain unchanged at around $175 million. This is in line with its long-term goal of about 4% of sales. Depreciation and amortization expense is expected to be around $100 million for the full year. On a full year basis, the company expects the non-GAAP effective tax rate to be approximately 24%.

Mead Johnson Nutrition Company Provides Earnings Guidance for the Second Quarter and Six Months of 2015 and Revises Earnings Guidance for the Year 2015

Mead Johnson Nutrition Company provided earnings guidance for the second quarter and six months of 2015 and revised earnings guidance for the year 2015. For the quarter, the company expects preliminary second quarter constant dollar sales were 3% below the prior year quarter. Including the impact of foreign currency, preliminary reported sales were 7% below the prior year quarter. Strong sales of the recently launched imported products to China were insufficient to fully offset declines in the China based manufactured products. Hong Kong cross-border sales stabilized, but were below prior year levels. Preliminary non-GAAP and GAAP EPS for the second quarter of 2015 are expected to be $0.76 and $0.80, respectively, impacted by the sales decline and increased Advertising & Promotion expenditure. Net sales expected to be $1,032 million. For the six months, the company expects preliminary year-to-date sales were in-line with the prior year on a constant-dollar basis and 4% lower on a reported basis. Slowing emerging market growth and dairy costs approaching five-year lows drove competitive promotional price discounting across several MJN markets in Latin America and Asia, most notably in China. For the year 2015, the company expects annual sales growth to be in the range of 0% to 2% on a constant-dollar basis, previously estimated at 7%. Including the estimated impact of foreign exchange, reported sales are expected to be 2% to 4% below the prior year, previously estimated to be 2% above the prior year. Full-year non-GAAP EPS is expected to be in the range of $3.63 to $3.78, previously estimated at $3.90 to $4.00. Specified Items are currently expected to be $0.07 per share, excluding any future mark-to-market pension adjustment. As a result, full-year GAAP EPS guidance is expected to be in the range of $3.56 to $3.71, previously estimated at $3.79 to $3.89.

Mead Johnson Nutrition Company Announces Management Changes

Mead Johnson Nutrition Company announced that Michel Cup will join the company as Executive Vice President and Chief Financial Officer (CFO) effective September 1, 2015. Mr. Cup, 45, will assume responsibility for Mead Johnson’s global finance function and information systems and management. He will also oversee the company’s external development efforts. Mr. Cup was most recently the CFO of D.E. Master Blenders 1753. Mr. Cup will take over from Charles Urbain, who currently serves as the company’s Interim CFO. Effective September 1, 2015, Mr. Urbain will assume a newly created role as Executive Vice President and Chief Operating Officer. In his new role, Mr. Urbain will be responsible for leading the company’s global commercial operations and its external affairs function.

Mead Johnson Nutrition Company Declares Quarterly Dividend, Payable on July 2, 2015

Mead Johnson Nutrition Company announced that its board of directors has declared a regular quarterly dividend of $0.4125 per share for the quarter ending June 30, 2015. The dividend will be paid on July 2, 2015, to shareholders of record at close of business on June 22, 2015.

 

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MJN

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Valuation MJN Industry Range
Price/Earnings 25.4x
Price/Sales 4.2x
Price/Book 24.0x
Price/Cash Flow 25.3x
TEV/Sales 3.5x
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