Johnson & Johnson Raises Profit Outlook Following Higher Sales
October 16 2018 - 8:18AM
Dow Jones News
By Kimberly Chin
Johnson & Johnson raised its earnings expectations for the
year following strong sales in its third quarter.
The New Jersey-based company said it expects its annual profit
to be in the range of $8.13 to $8.18 a share compared with previous
guidance of $8.07 to $8.17.
J&J said it now expects sales for the year to be between $81
billion and $81.4 billion, above its previous guidance of $80.5
billion to $81.3 billion.
J&J's third-quarter sales rose 3.6% from a year ago to
$20.35 billion. Analysts polled by Refinitiv had expected $20.05
billion.
Sales in the pharmaceuticals division in the U.S. rose 4.8%
while J&J's consumer segment sales rose 6.6%.
World-wide sales, which include U.S. sales, in the
pharmaceutical and consumer divisions rose 6.7% and 1.8%,
respectively.
J&J's profit was $3.93 billion, or $1.44 a share, compared
with $3.76 billion, or $1.37 a share, for the same period last
year. On an adjusted basis, J&J made $2.05 a share, slightly
above analysts' estimates of $2.03.
Shares of J&J, down 4% this year, were flat in premarket
trading on low volume.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 16, 2018 08:03 ET (12:03 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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