J&J stock up – profit beats Street

J&J shares rose more than 2 percent in morning trade, it earned $3.51 billion, or $1.26 per share, in the first quarter. That compared with $3.6 billion, or $1.26 per share, in the year-earlier period. Analysts on average expected $1.22 per share, according to Reuters Estimates.

J&J reaffirmed its 2009 profit forecast of $4.45 to $4.55 per share. It’s global revenue fell 7.2 percent to $15 billion in the period, well below the $15.43 billion Reuters Estimates forecast. Sales would have fallen only about 1 percent if not for the stronger dollar, which depresses the value of overseas sales when converted back into U.S. currency. But J&J bolstered results by cutting spending more than 10 percent on research, and on sales, general and administrative expenses.

Categories: US Markets, World Economy
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