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Earnings Roundup

Consumer sales give J&J a boost

October 15, 2008|From the Associated Press

Healthcare giant Johnson & Johnson posted a 30% jump in third-quarter profit and beat Wall Street expectations, mainly because the year-earlier results were weighed down by a $745-million restructuring charge.

Higher sales of consumer products and medical devices, boosted overseas by the weak dollar, also helped the New Brunswick, N.J.-based maker of contraceptives, baby-care items, medical devices and prescription drugs.

The company reported net income of $3.31 billion, or $1.17 a share, up from $2.55 billion, or 88 cents, a year earlier.

Revenue climbed 6.3% to $15.9 billion but was boosted 3.1% by favorable currency exchange rates.

Analysts surveyed by Thomson Reuters expected earnings per share of $1.11 and revenue of $15.69 billion.

For all of 2008, J&J now expects per-share earnings of $4.50 to $4.53, excluding one-time items, up from $4.45 to $4.50 a share last quarter.

J&J shares gained $1.32, or 2.1%, to close at $64.

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