J&J Q1 net up 8 percent on sales jump, lower costs
Johnson & Johnson says its first-quarter profit rose 8 percent, because of restrained costs and a big jump in prescription drug sales. The world's biggest maker of health care products easily beat Wall Street expectations and raised its earnings outlook.
The maker of Tylenol, medical devices and prescription drugs said Tuesday that net income was $4.73 billion, or $1.64 per share, up from $3.5 billion, or $1.22 per share, a year earlier.
Excluding one-time items, income was $4.43 billion, or $1.54 per share. Analysts surveyed by FactSet expected $1.48.
Revenue totaled $18.12 billion, up 3.5 percent. Analysts expected $18.04 billion.
The company, based in New Brunswick, N. J., raised its profit forecast for 2014 to $5.80 to $5.90 per share. In January, J&J forecast $5.75 to $5.85.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.