Mead Johnson Nutrition Co MJN
Q4 2010 Earnings Call Transcript

Transcript Call Date 01/27/2011

Operator: Good day, ladies and gentlemen, and welcome to the Mead Johnson Nutrition Fourth Quarter Earnings Conference Call. My name is Derrick, and I'll be your coordinator for today. At this time, all participants are in a listen only mode. Following the prepared remarks, there will be a question-and-answer session. (Operator Instructions). As a reminder, this conference call is being recorded for replay purposes.

I will now like to turn the presentation over to Kathryn Chieger, Vice President, Investor Relations. Please proceed, Kathryn.

Kathryn Chieger - IR: Thank you and good morning. Welcome to Mead Johnson's fourth quarter conference call which happens to be my 125th and last quarterly earnings announcement. As many of you know, I will be retiring next week and I want to say, how much I've enjoyed sharing the Mead Johnson story with all of you these past two years.

Let me now turn the call over to my friend, colleague, and successor, Kathy MacDonald, who will have the pleasure hosting her first earnings call. Kathy?

Kathy MacDonald - IR: Thank you, Kathryn. One of my early learnings is to be respectful of investors' time. So I will turn to the business at hand. With me today are Steve Golsby, our CEO and Pete Leemputte, our CFO.

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 2009, quarterly reports on form 10-Q, current reports on form 8-K and registration statements, in each case, as filed with 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 on 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 keep our call to 45 minutes. That said, I will turn the call over to Steve.

Stephen W. Golsby - President and CEO: Thank you, Kathy, and good morning, everyone. As you read in our press release, we concluded 2010 on a very strong note and delivered another year of record sales and earnings. Non-GAAP earnings of $0.57 per share in the fourth quarter were up 19% from 2009, bringing our full year EPS to $2.42 per share, up 9% from the prior year. We accomplished many important goals in 2010, the most notable of which includes over 9% constant dollar sales growth, the highest level seen in the last five years.

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