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Johnson & Johnson Q2 Earnings Plunge on Charges; Adjusted Net Beats View, but Forecast Lowered (JNJ)
7/17/2012 9:05:00 AM
Diversified healthcare company Johnson & Johnson ( JNJ ) on Tuesday posted a sharp downturn in second quarter earnings, hurt by one-time items, although adjusted results edged out Wall Street's expectations.
The New Brunswick, NJ-based company reported second quarter net income of $1.41 billion, or 50 cents per share, compared with $2.78 billion, or $1 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.30 per share.
Revenue edged slightly lower from last year to $16.48 billion.
On average, Wall Street analysts expected a slightly smaller profit of $1.29 per share, albeit on higher revenue of $16.69 billion.
Looking ahead, JNJ reduced its full-year earnings outlook to a range of $5 to $5.07 per share, down from a prior outlook of $5.07 to $5.17. Analysts currently expect $5.14 per share for the year.
Johnson & Johnson shares fell 94 cents, or -1.4%, in premarket trading Tuesday.
The Bottom Line
Johnson & Johnson ( JNJ ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.