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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mead Johnson Nutrition Company (delisted) | NYSE:MJN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 89.98 | 0 | 01:00:00 |
By Tess Stynes
Mead Johnson Nutrition Co. (MJN) said its fourth-quarter earnings rose 3.9% on stronger sales despite being the latest company to report that its revenue took a hit from a strengthening dollar.
For the year, the company forecast per-share earnings of $3.90 to $4, below expectations of analysts polled by Thomson Reuters for $4.12.
Chief Executive Kasper Jakobsen said Thursday that roughly three quarters of Mead Johnson's revenue is denominated in foreign currencies while much of its costs are in U.S. dollars. However, the company expects lower commodity costs will "allow us to improve gross margins and invest incrementally behind our brands."
Overall, Mead Johnson reported a profit of $158.4 million, or 78 cents a share, up from $152.5 million, or 75 cents a share, a year earlier. Excluding pension-related impacts and other items, earnings rose to 92 cents from 82 cents. Revenue increased 3.2% to $1.09 billion. Excluding currency impacts, the sales growth was 8%.
Analysts polled by Thomson Reuters expected per-share profit of 88 cents and revenue of $1.1 billion.
Gross margin fell to 60.7% from 62.4%, mostly owing to higher dairy costs and negative currency impacts.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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