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Tuesday, October 14, 2008
J&J's 3Q Exceeds Expectations
FOXBusiness
Johnson & Johnson (JNJ) posted a 30% jump in third-quarter profit and upgraded its 2008 earnings outlook on Tuesday, sending its shares higher.
The maker drugs and medical devices earned $3.3 billion, or $1.17 per share, compared with $2.55 billion, or 88 cents per share, a year ago. Excluding one-time items, Johnson & Johnson's earnings were $1.06 a share a year ago.
Johnson & Johnson's sales rose 6.4% to $15.9 billion. Analysts had expected a third-quarter profit of $1.11 per share on sales of $15.7 billion.
Shares of Johnson & Johnson rose more than 3% in premarket trading amid a broad rally.
Looking ahead, Johnson & Johnson increased its 2008 earnings outlook to a range of $4.50 to $4.53 per share, in line with mean analyst estimates from Thomson Reuters for $4.51 per share.
Johnson & Johnson's consumer sales rose 13.1% to $4.1 billion thanks to strong sales of allergy drug Zyrtec. Worldwide pharmaceutical sales increased by a more modest 0.2% to $6.1 billion, hurt by a 6% decrease in domestic sales to $3.54 billion. The company's medical devices segment saw an 8.8% increase in sales to $5.7 billion.
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