Author: M. Corey Goldman / Source: TheStreet
Healthcare giant Johnson & Johnson (JNJ – Get Report) on Tuesday reported first-quarter earnings that were lower than last year though still beat analysts’ expectations, even as it faces litigation over allegations that its iconic talc baby powder contained asbestos, and it battles increased competition from generic prostate cancer drugs.
The company reported first-quarter net income of $3.75 billion, or $2.10 an adjusted share, vs. $4.37 billion, or $1.39 a share, a year earlier. Analysts polled by FactSet had been expecting per share earnings of $2.04. Sales held flat on a year-over-year basis at approximately $20 billion.
The company narrowed its full-year earnings forecast to a range of $8.53 to $8.63 a share, down from its previous estimate of between $8.50 and $8.65. It didn’t change its projected sales of $80.4 billion to $81.2 billion.
Most medicine cabinets hold at least one Johnson & Johnson product like soap or other medical supplies, though the…
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