Prescription drugs, lower taxes, power J&J 3Q beat

Johnson & Johnson (JNJ) on Tuesday reported third-quarter earnings of $3.93 billion.

On a per-share basis, the New Brunswick, New Jersey-based company said it had net income of $1.44. Earnings, adjusted for one-time gains and costs, were $2.05 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.03 per share.

The world’s biggest maker of health care products posted revenue of $20.35 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $19.91 billion.

Johnson & Johnson expects full-year earnings in the range of $8.13 to $8.18 per share, with revenue in the range of $81 billion to $81.4 billion.

Johnson & Johnson shares have dropped 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 3 percent. The stock has declined almost 2 percent in the last 12 months.

This article provided by NewsEdge.