mead johnson nutrition co (MJN) Key Developments
Mead Johnson Nutrition Company Announces Executive Changes
Dec 16 14
On December 10, 2014, Mead Johnson Nutrition Company announced that William C. P'Pool, Senior Vice President, General Counsel and Secretary would be leaving the company to pursue other interests. On that date, the company entered into an agreement with Mr. P'Pool, pursuant to which Mr. P'Pool has agreed that he will resign his employment with the company effective as of April 30, 2015. Mr. P'Pool will remain in his current position until his successor commences employment with the company. The company has appointed Mr. Patrick M. Sheller to succeed Mr. P'Pool as General Counsel effective January 12, 2015. Mr. Sheller is SVP, General Counsel, Secretary & Chief Administrative Officer of Eastman Kodak Company. He has announced his intention to resign from Kodak to join the Company in January 2015. Patrick M. Sheller has served as Senior Vice President, General Counsel & Secretary of Kodak since 2011. He has been responsible for Kodak's worldwide legal function and the principal legal advisor to the board of directors and senior management. During his 21-year career with Kodak, Mr. Sheller served as Division Counsel to the company's former Health Group; Chief Antitrust Counsel; international counsel to Kodak's European, African & Middle Eastern Region (EAMER); and Deputy General Counsel. Mr. Sheller has also held strategic planning and operating roles in Kodak's former Health Care Information Systems business. From 2005 to 2011, Mr. Sheller was Kodak's Chief Compliance Officer, and he was elected Secretary of the board in 2009.
Mead Johnson Nutrition Company Declares Regular Quarterly Common Stock Dividend, Payable on January 2, 2015
Dec 4 14
Mead Johnson Nutrition Company announced that its board of directors has declared a regular quarterly common stock dividend of $0.375 per share for the quarter ending December 31, 2014. The dividend will be paid on January 2, 2015, to shareholders of record at close of business on December 15, 2014.
Mead Johnson Expands Production Capacity at Evansville Facility
Oct 27 14
Mead Johnson Nutrition Company has expanded its production capacity and capabilities at its facility in Evansville, Indiana. Evansville has been a key facility for Mead Johnson's US product manufacturing for most of the company's history. In fact, next year will mark the 100th anniversary of Mead Johnson's presence in the city.
Mead Johnson Nutrition Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Re-Affirms Earnings Guidance for 2014
Oct 23 14
Mead Johnson Nutrition Company announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net sales of $1,090.7 million against $1,046.8 million a year ago. Earnings before interest and income taxes (EBIT) were $242.6 million against $250.7 million a year ago. Earnings income taxes (EBT) were $224.3 million against $238.4 million a year ago. Net earnings attributable to shareholders was $187.6 million compared with $171.3 million a year ago. Diluted earnings per share were $0.92 compared with $0.84 a year ago. Non-GAAP net earnings of $0.93 per diluted share for the third quarter of 2014 were in line with the third quarter of 2013. On a non-GAAP basis, net earnings attributable to shareholders totaled $187.9 million, or $0.93 per diluted share, for the third quarter of 2014, compared to $189.7 million, or $0.93 per diluted share, for the same quarter a year ago.
For the nine months, the company reported total net sales of $3,315.1 million against $3,140.0 million a year ago. Earnings before interest and income taxes (EBIT) were $778.7 million against $771.0 million a year ago. Earnings before income taxes were $732.7 million against $732.1 million a year ago. Net earnings attributable to shareholders was $561.4 million compared with $531.3 million a year ago. Diluted earnings per share were $2.77 compared with $2.61 a year ago. Net cash provided by operating activates was $564.6 million compared with $592.2 million a year ago. Payments for capital expenditures were $144.0 million compared with $177.3 million a year ago. On a non-GAAP basis, net earnings attributable to shareholders totaled $573.2 million, or $2.83 per diluted share, in the nine months ended September 30, 2014, up 5% from $547.5 million, or $2.69 per diluted share, in the nine months ended September 30, 2013. Free cash flow was about $421 million in the first nine months after consuming $144 million in cash for capital spending.
The company re-affirmed its full-year 2014 GAAP EPS guidance, excluding any further pension MTM adjustments, to be in the range of $3.59 to $3.66 per diluted share. Non-GAAP EPS is expected to be in the range of $3.65 to $3.72 per diluted share. Capital spending for the full year is now expected to be around $160 million.
Mead Johnson Nutrition Company Seeks Acquisitions
Oct 23 14
Mead Johnson Nutrition Company (NYSE:MJN) is seeking acquisitions. Pete Leemputte, Chief Financial Officer of Mead Johnson Nutrition, said, "I think our position is that acquisitions would be the highest use of the cash balances that we have in the Company."