Johnson & Johnson's 2nd-qtr 2010 meets forecasts, despite product recalls
US health care giant Johnson & Johnson yesterday reported second-quarter 2010 financials, saying that net income for the quarter was $3.45 billion, or $1.23 per share, up 7.5% and 6.9%, respectively. The firm's shares dipped 2.2% to $58.24 in morning trading.
Excluding a one-time gain of $67 million from settling litigation, earnings per share would have been $3.38 billion, or $1.21, just matching forecasts of analysts polled by Thomson Reuters, who were expecting earnings of $1.21 per share, excluding one-time items, but revenue of $15.66 billion.
The company's revenues for the reported quarter increased just 0.6% year-on-year to $15.3 billion. Operational factors and foreign exchange movement had a positive impact of 0.1% and 0.5%, respectively, on sales in the quarter. Although sales in the domestic market decreased by 2.8%, international turnover increased 4.1%.
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