J&J 2Q profit down by half on lower sales, charges

NEW BRUNSWICK, N.J. (AP) ? Johnson & Johnson said Tuesday that its second-quarter net income fell by half due to lower sales and charges for litigation and other items. The maker of Band-Aids and prescription drugs, which has been struggling with a series of about three dozen product recalls over lapses in manufacturing quality, also lowered its 2012 profit forecast.

Johnson & Johnson said net income was $1.41 billion, or 50 cents per share, down from $2.78 billion, or $1 per share, a year earlier. Revenue fell by 0.7 percent to $16.48 billion.

Excluding one-time items, net income was $3.63 billion, or $1.30 per share. The items included asset writedowns, costs related to its recent $20 billion purchase of Swiss orthopedics device maker Synthes and a charge related to unfavorable currency exchange rates.

Analysts polled by FactSet, on average, expected earnings per share of $1.29 on revenue of $16.71 billion.

J&J says it now expects 2012 earnings per share of $5 to $5.07 per share, down from its April forecast of $5.05 to $5.15 per share, excluding special items.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-17-Earns-Johnson%20and%20Johnson/id-633ca88862134546a79847a9f40c18e5

etta james ufc on fox evans vs davis fast times at ridgemont high fast times at ridgemont high soylent green phil davis