Johnson & Johnson Quarterly Profit Beats Analysts' Estimates
Johnson & Johnson, the maker of Neutrogena and Clean & Clear, has topped analysts' estimates for quarterly profit and revenue.
Sales across the company's three main units rose, with the pharmaceutical business surging nearly 20%, to $10.35 billion, accounting for almost half of total sales in the second quarter.
The company's shares were volatile in pre-market trading, recovering from an initial drop to trade up 1.4%, at $126.46.
Net earnings rose to $3.95 billion, or $1.45 per share, in the second quarter, from $3.83 billion, or $1.40 per share, a year earlier.
Excluding items, the company reported a profit of $2.10 per share, beating analysts' average estimate of $2.07.
Total sales rose to $20.83 billion from $18.84 billion a year ago, above analysts' estimates of $20.39 billion.
International revenue for J&J rose 11.8% in the reported quarter, accounting for nearly half of its total sales.
The health-care conglomerate said that it expects full-year sales of $80.5 billion to $81.3 billion, compared with a prior estimate of $81.0 billion to $81.8 billion. The company cited a strengthening dollar for the trim.
Analysts had expected full-year profit of $8.12 per share and sales of $81.47 billion, according to Thomson Reuters I/B/E/S. J&J said that it now expects adjusted earnings of $8.07 to $8.17 per share, compared with an earlier forecast of $8.00 to $8.20 per share.