(By Balachander) Johnson & Johnson (NYSE:JNJ) reported an unexpected increase in quarterly earnings amid strong growth of key products and launch of new products and the healthcare company lifted its forecast for the full year. Shares gained 1.09 percent in premarket.
On an adjusted basis, earnings per share (EPS) increased to $1.25 from $1.24, topping Wall Street projections of $1.21. GAAP earnings declined 7.3 percent to $2.97 billion.
Sales grew 6.6 percent to $17.05 billion, beating consensus estimates for an increase of 5.90 percent. U.S. sales jumped 13.4 percent and International sales rose 1.4 percent.
The company attributed higher quarterly sales to sales of upper respiratory over-the-counter products; international sales of LISTERINE oral care products; and NEUTROGENA skin care products.
Cost of products sold increased 10 percent.
Looking ahead for the full year, the company now expects EPS in the range of $5.05 to $5.10 from prior expectations of $5.00 to $5.07, while analysts' expected $5.06.
The stock, which has been trading in the 52-week range of $61.05 to $69.75, ended at $68.60 on Monday.