Johnson & Johnson hikes 2014 forecast a third time after topping quarter expectations

MarketsAssociated Press

Johnson & Johnson is raising its 2014 earnings forecast a third time after trumping analyst expectations for its recently concluded quarter.

The world's biggest maker of health care products says it now expects earnings adjusted for one-time items to range between $5.92 and $5.97 per share this year. That's up from a forecast it made in July for $5.85 to $5.92 per share.

Continue Reading Below

Analysts have been projecting earnings of $5.92 per share.

The forecast hike comes after the maker of baby shampoo, prescription drugs and medical devices said it earned $1.50 per share in the recently concluded third-quarter.

Analysts forecast $1.42 per share.

The New Brunswick, New Jersey, company's stock is climbing in premarket trading. The shares hit their highest price in more than a decade late last month.