by Christopher Freeburn | July 17, 2012 10:06 am
Consumer products giant Johnson & Johnson (NYSE:JNJ) lowered its guidance for the rest of the year this morning. It trimmed its estimated 2012 EPS from earlier forecasts of between $5.05 and $5.15 per share, down to a range between $5 and $5.07 per share, citing the impact of a strengthening U.S. dollar on international sales.
Johnson & Johnson also reported second-quarter net earnings of $1.41 billion, down nearly 50% from $2.78 billion during the same time last year.
Adjusted net income, which excludes the costs of its $20 billion acquisition of Synthes and other one-time charges, was $3.63 billion. Adjusted EPS for the quarter was $1.30, which narrowly topped analysts’ forecast of $1.29, the Associated Press noted.
Revenue for the quarter declined 0.7% compared to last year, coming in at $16.71 billion.
Investors were unimpressed. Shares of Johnson & Johnson slipped about 1% in early Tuesday trading.
The company has been hit with a series of expensive product recalls recently, due to quality control problems at its production facilities.
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