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Johnson & Johnson (JNJ) To Incur Charge In Q1 Due To Venezuelan Currency Devaluation

 February 25, 2013 08:17 AM
 


(By Balaseshan) Johnson & Johnson (NYSE: JNJ) said it expects to incur a charge in the first quarter of 2013 due to the Venezuelan government's decision to devalue its currency effective Feb. 13, 2013.

The New Brunswick, New Jersey-based healthcare company will incur a charge of about $100 million to net income in the first quarter or about a $0.04 negative impact to earnings per share.

The company said this charge is related to the remeasurement of the local balance sheet at the date of the devaluation and is not expected to impact EPS guidance for full-year 2013, which was guided on January 22 in the range of $5.35 to $5.45.

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On Friday, the company posted better-than-expected quarterly earnings amid strong growth of key products and launch of new products though the healthcare company issued guidance below market expectations.

On an adjusted basis, earnings per share (EPS) increased 5.3 percent to $1.19 from $1.13, topping Wall Street projections of $1.17 for the fourth quarter. GAAP earnings jumped to $2.57 billion from $218 million.

Sales grew 8 percent to $17.56 billion, slightly below consensus estimates for an increase of 8.70 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.

JNJ closed Friday's regular session down 0.01 percent at $76.25. The stock has been trading between $61.71 and $77.02 for the past 52 weeks.

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