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10/19/2010 1:11:26 PM
Health products maker Johnson & Johnson( JNJ ) on Tuesday posted a better-than-expected third quarter profit, but its revenue fell short of analyst expectations.
The New Brunswick, NJ-based company reported third quarter net income of $3.42 billion, or $1.23 per share, compared with $3.35 billion, or $1.20 per share, in the year-ago period.
Revenue fell less than 1% from last year to $14.98 billion, hurt by a multiple product recalls in its consumer products division.
On average, Wall Street analysts expected a smaller profit of $1.15 per share, albeit on higher revenue of $15.24 billion.
Citing favorable foreign currency exchange rates, J&J boosted its 2010 full-year earnings forecast to a range of $4.70 to $4.80 per share, excluding items.
Johnson & Johnson shares fell $1.36, or -2.1%, 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.