Johnson & Johnson beats revenue and profit projections

By Associated Press

NEW BRUNSWICK, N.J. (AP) _ Johnson & Johnson (JNJ) on Tuesday reported second-quarter earnings of $3.95 billion.

The New Brunswick, New Jersey-based company said it had profit of $1.45 per share. Earnings, adjusted for one-time gains and costs, were $2.10 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.06 per share.

The world’s biggest maker of health care products posted revenue of $20.83 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $20.21 billion.

Johnson & Johnson expects full-year earnings in the range of $8.07 to $8.17 per share, with revenue in the range of $80.5 billion to $81.3 billion.

Johnson & Johnson shares have dropped 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 5 percent. The stock has fallen 6 percent in the last 12 months.

This article provided by NewsEdge.