Sunday, April 24, 2011

Johnson & Johnson Q1 Profit Drops On Charges; Lifts Full-year

(RTTNews) - Health care giant Johnson & Johnson (JNJ: News ) on Tuesday reported a 23 percent decline in profit for the first quarter, hurt by charges due to litigation and additional recall costs. However, adjusted earnings per share increased from last year particularly due to sales growth internationally. The company also raised its full-year 2011 earnings outlook citing recent developments in the business.
The latest quarter's results include after-tax charges of $271 million due to litigation and additional DePuy ASR Hip recall costs. The year-ago quarter's results include an after-tax gain of $910 million representing the net impact of litigation matters.

Worldwide sales grew 3.5 percent in the quarter to $16.17 billion from $15.63 billion a year ago and topped analysts' consensus estimate of $15.83 billion.

Domestic sales declined 0.6 percent year-over-year to $7.61 billion, while international sales rose 7.3 percent to $8.57 billion.

The company operates in three segments - Consumer Health Care, Pharmaceutical and Medical Devices & Diagnostics

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