Johnson & Johnson Beats Earnings Expectations, Raises Outlook

Shares of Johnson & Johnson Inc. rose less than 1% Tuesday after the company beat earnings expectations and raised its outlook. Johnson & Johnson reported net income of $3.36 billion, or $1.20 per share, below $4.75 billion, or $1.66 per share, in the year-earlier period. The company reported adjusted earnings per share of $1.49, above the FactSet consensus of $1.43. The company reported sales of $17.1 billion, below the FactSet consensus of $17.45 billion and a 7.4% decrease from the year-earlier period. The company said international sales decreased 13.7% and it had a negative currency impact of 15.8%. The company raised its adjusted earnings guidance for the fiscal year 2015 to $6.15 to $6.20 a share. The guidance was previously $6.10 to $6.20. Earlier Tuesday, the company announced a repurchase of up to $10 billion of Johnson & Johnson's common stock.