Johnson & Johnson Q3 Profit Slips 6%, but Adjusted Net Beats View (JNJ)
Healthcare products giant Johnson & Johnson ( JNJ ) on Tuesday said its third quarter profit fell 6% from last year, hurt by higher costs and special charges, but adjusted results beat analysts' forecasts.
The New Brunswick, NJ-based company reported third quarter net income of $3.2 billion, or $1.15 per share, compared with $3.42 billion, or $1.23 per share, in the year-ago period. Excluding one-time acquisition charges, adjusted profit was $1.24 per share.
Revenue rose 7% from last year to $16 billion.
On average, Wall Street analysts expected a smaller adjusted profit of $1.21 per share, albeit on slightly higher sales of $16.02 billion.
Johnson & Johnson shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of Johnson & Johnson ( JNJ ) have a 3.57% dividend yield, based on last night's closing stock price of $63.79. The stock has technical support in the $58-$60 price area. If the shares can firm up, we see overhead resistance around the $66-$68 price levels.
Johnson & Johnson ( JNJ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.