Johnson&Johnson 3rd Qtr 2008 Earnings Beats The Street

Johnson & Johnson Reports 2008 Third-Quarter Results

NEW BRUNSWICK, N.J., Oct 14, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Sales of $15.9 Billion Increased 6.4% Versus a Year Ago; EPS was $1.17 Excluding 2007 Special Items, 2008 Third-Quarter EPS Increased 10.4%* Johnson & Johnson today announced sales of $15.9 billion for the third quarter of 2008, an increase of 6.4% as compared to the third quarter of 2007. Operational growth was 3.3% and the positive impact of currency was 3.1%. Domestic sales were up .4%, while international sales increased 13.1%, reflecting operational growth of 6.5% and a positive currency impact of 6.6%.
Net earnings and diluted earnings per share for the third quarter of 2008 were $3.3 billion and $1.17, respectively. The third quarter of 2007 included an after-tax restructuring charge of $528 million associated with a cost improvement program. Excluding this charge, net earnings for the current quarter and diluted earnings per share represent increases of 7.6% and 10.4 %, respectively, as compared to the same period in 2007.

* The Company increased its earnings guidance for full-year 2008 to $4.50 - $4.53 per share, which does not include the impact of any in-process research and development charges or other special items.
"Johnson & Johnson continues to achieve solid earnings results despite the impact that generic products have had on our Pharmaceutical business," said William C. Weldon, Chairman and Chief Executive Officer. "Of note was the strong sales performance of our Consumer segment and the solid sales results in our Medical Devices and Diagnostics segment."
Worldwide Consumer sales of $4.1 billion for the third quarter represented a 13.1% increase over the prior year with operational growth of 9.4% and a positive impact from currency of 3.7%. Domestic sales increased 11.2%, while international sales increased 14.7%; 8.1% from operations and 6.6% from currency.