Johnson & Johnson’s Income Falls 23%
September 23rd, 2011
Health care giant Johnson & Johnson says sales rebounded but its profit dropped 23 percent in the first quarter, due to higher expenses, costs of recalls and litigation and a tax gain that boosted results a year ago.
Adjusted earnings topped expectations. J&J also raised its full-year earnings outlook.
The maker of Band-Aids, baby shampoo and birth control pills posted net income of $3.48 billion, or $1.25 per share, down from $4.53 billion, or $1.62 per share, in 2010′s first quarter.
But after two years of declines, revenue rose by 3.5 percent to $16.17 billion.
Adjusted income was $4.86 billion, or $1.35 per share. Analysts expected earnings of $1.03 per share and revenue of $15.6 billion.
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