Mead Johnson Revises Full Year Guidance - Quick Facts

(RTTNews) - Mead Johnson Nutrition Company (MJN) announced, the company now expects full year 2016 net sales of 6% to 7% below the prior year on a reported basis and 2% to 3% below the prior year on a constant dollar basis. The company said its sales may be lower due to market share weaknesses in several markets, notably in the U.S., as well as continued macroeconomic challenges in several emerging markets. Mead Johnson now expects 2016 non-GAAP EPS between $3.43 to $3.50.

Kasper Jakobsen, CEO, said, "Given known headwinds over the next year, we anticipate only modest improvements to both our underlying sales and earnings per share in 2017. In this context, continued strong performance against our expense reduction targets will support our investment in longer term growth initiatives and protect our 'best in class' level of profitability. In the longer term, underlying fundamentals for our core category are still supportive of our growth ambitions. Hence, we remain committed to making the necessary investments in our future."

Excluding items, third-quarter non-GAAP EPS was $0.87. Net sales were 4% below the prior year quarter on a reported basis and in-line with the prior year quarter on a constant dollar basis. Excluding the impact of Venezuela, net sales were 1% above the prior year quarter on a constant dollar basis.