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Schaeffer's Street Stories: Johnson & Johnson Issues 2009 Earnings Warning


//health-fitness.news-articles.net/content/2009/ .. ohnson-johnson-issues-2009-earnings-warning.html
Published in Health and Fitness on Tuesday, January 20th 2009 at 11:17 GMT, Last Modified on 2009-01-20 11:17:46 by Market Wire   Print publication without navigation


CINCINNATI--([ BUSINESS WIRE ])--Before the open this morning, healthcare giant Johnson & Johnson (NYSE: JNJ) announced fourth-quarter earnings of $2.71 billion, or 97 cents per share, compared with its year-ago profit of $3.27 billion, or 82 cents per share. The company said cost cuts offset weak sales of its drugs, devices, and consumer products amid the economic downturn.

"Fourth-quarter sales missed across all divisions, both international and domestic," Leerink Swann analyst Rick Wise said in a research report.

Global quarterly sales dropped nearly 5% to $15.2 billion, below the consensus estimate of $15.9 billion. Sales would have fallen only 1% if not for the strengthening dollar, which lowers overseas sales when converted back into U.S. currency.

To continue reading this article, click here: [ http://www.schaeffersresearch.com/commentary/content/johnson+johnson+issues+2009+earnings+warning/observations.aspx?click=home&ID=90610 ]


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