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Johnson & Johnson’s Q2 Profit Matches View, but Forecast Cut on Recalls (JNJ)
7/20/2010 9:00:00 AM
Health products maker Johnson & Johnson ( JNJ ) on Tuesday posted a second quarter profit that met analyst expectations, but lowered its full-year outlook for the second time, citing recent product recalls.
The New Brunswick, NJ-based company reported second quarter net income of $3.45 billion, or $1.23 per share, compared with $3.21 billion, or $1.15 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.21 per share.
Revenue edged less than 1% higher from last year, to $15.33 billion.
On average, Wall Street analysts expected a matching adjusted profit of $1.21 per share, albeit on higher revenue of $15.69 billion.
Looking ahead, the company cut its full-year forecast for the second time, citing recent recalls of certain over-the-counter medicines, as well as a plant suspension and currency effects. It now expects earnings of $4.65 to $4.75 per share for the year, while analysts are looking for $4.81.
Johnson & Johnson shares fell 97 cents, or -1.6%, 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.