Johnson & Johnson beats forecasts, despite profit downturn in 3rd-qtr 2011
US health care giant Johnson & Johnson (NYSE: JNJ), first of the US pharma majors to report third-quarter 2011 financial results, said that net income had dropped to $3.2 billion, or $1.15 a share, from $3.42 billion, or $1.23, a year earlier. Earnings adjusted for one-time items of $1.24 beat by $0.03 the average estimate of 16 analysts surveyed by Bloomberg, representing a rise of 0.8%.
Sales of $16.0 billion for the quarter increased 6.8% to $16.0 billion compared to the third quarter of 2010. Operational results increased 2.6% and the positive impact of currency was 4.2%. Domestic sales declined 3.7%, while International turnover increased 16.4%, reflecting operational growth of 8.3% and a positive currency impact of 8.1%.
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