Johnson & Johnson Q2 Profit Increases, Beats Estimates

(RTTNews) - Johnson & Johnson (JNJ) announced a profit for its second quarter that Increased from the same period last year and beat the Street estimates.

The company's earnings totaled $5.537 billion, or $2.29 per share. This compares with $4.686 billion, or $1.93 per share, last year.

Excluding items, Johnson & Johnson reported adjusted earnings of $6.699 billion or $2.77 per share for the period.

Analysts on average had expected the company to earn $2.68 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 5.8% to $23.743 billion from $22.447 billion last year.

Johnson & Johnson earnings at a glance (GAAP) :

-Earnings: $5.537 Bln. vs. $4.686 Bln. last year. -EPS: $2.29 vs. $1.93 last year. -Revenue: $23.743 Bln vs. $22.447 Bln last year.

Looking ahead, citing strong operational performance and favorable foreign exchange, Johnson & Johnson has revised up its annual outlook.

The company now expects annual adjusted income per share of $10.80 to $10.90, higher than the earlier outlook of $10.50 to $10.70 per share. This revised outlook reflects a year-on-year growth of 8.2% to 9.2%.

For the full year, adjusted operational income per share is now projected to be $10.63 to $10.73 as against the earlier guidance of $10.50 to $10.70 per share. This revised guidance reflects a growth of 6.5% to 7.5% from last year.

JNJ now projects full-year reported sales of $93.2 billion to $93.6 billion, compared with the prior expectation of $91 billion to $91.8 billion. This revised guidance reflects a growth of 5.1% to 5.6% from last year.

Analysts, on average, forecast the company to report income of $10.61 per share on revenue of $91.33 billion for the full year.