Johnson & Johnson (NYSE:JNJ) earnings for first quarter of 2020 have JNJ stock taking off on Tuesday. That’s thanks to its adjusted earnings per share (EPS) of $2.30, which is well above Wall Street’s estimate of $1.99. The consumer goods company’s revenue of $20.69 billion also beats out analysts’ estimates of $19.48 billion.
Now, let’s take a closer look at the most recent Johnson & Johnson earnings report.
- Adjusted per-share earnings are up 9.52% from $2.10 in the first quarter of 2019.
- Revenue for the quarter comes in 3.35% higher than the $20.02 million from the same time last year.
- The Johnson & Johnson earnings report also has it bringing in a net income of $5.8 billion.
- That’s a 54.67% increase compared to its net income of $3.75 billion from the same period of the year prior.
Alex Gorsky, chairman and CEO of Johnson & Johnson, said this about the JNJ stock earnings:
“Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate. We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.”
The Johnson & Johnson earnings report also includes a guidance update for 2020. This has it expecting an adjusted EPS of $7.65 to $8.05. Its prior outlook was for an adjusted EPS of $9.00 to $9.15. This new estimate takes into account the effects of the novel coronavirus. For comparison, Wall Street is looking for $8.08 during the year.
JNJ stock was up 4.57% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.