Mead Johnson Nutrition Co MJN
Q1 2010 Earnings Call Transcript

Transcript Call Date 04/29/2010

Operator: Good day, ladies and gentlemen, and welcome to the First Quarter 2010 Mead Johnson Nutrition Earnings Conference Call. My name is Shenal, and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today’s call, Mr. Chris Perille, Vice President Corporate Communications and Public Affairs. Please proceed.

Christopher Perille - IR: Thank you, and good morning. Welcome to Mead Johnson's first quarter conference call. With me today is Steve Golsby, our CEO; and Pete Leemputte, our CFO. My name is Chris Perille, and I am stepping in today for Kathryn Chieger, our Vice President of Investor Relations. Kathryn is suffering from a flu bug and we wish her a speedy recovery.

Before we get started, let me remind everyone that our comments will include forward-looking statements about our future results, including statements about our financial prospects and projections, new product launches, and market conditions that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. Keep in mind that our actual results may differ materially from expectations as of today due to various factors, including those listed in our Annual Report on Form 10-K for 2008, quarterly reports on Form 10-Q, current reports on Form 8-K, and registration statements, in each case as filed or furnished to the Securities and Exchange Commission, and our earnings release issued this morning, all of which are available upon request or on our website at

In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change.

Given that we are in the midst of the earnings reporting season, we will be respectful of your time and keep our call today to 45 mins.

Now, I will turn the call over to Steve.

Stephen W. Golsby - President and CEO: Thank you, Chris. And good morning everyone. As you read in our press release, the year is off to a very good start. For the first quarter, non-GAAP earnings was $0.65 per share, up from $0.57 per share last year. We are very pleased with our performance, particularly since last year the quarter benefitted from low operating expenses and this year we realized a $0.05 per share impact from the devaluation of the Venezuelan bolivar. Sales growth was excellent at 10%, 7% excluding the impact of foreign exchange resulting in a new quarterly sales record. This performance was broad based with 10 of our major Asia, Latin America markets reporting strong double digit constant dollar sales growth.

Read our Earnings Call Transcript disclaimer.
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