Johnson & Johnson beats second-quarter earnings guidance and revises 2022 outlook for significant dollar impact
Johnson & Johnson beats second-quarter earnings guidance and revises 2022 outlook for significant dollar impact
Anúncios

Johnson and Johnson (JNJ) – Johnson & Johnson reported better-than-expected second-quarter results on Tuesday, but cut its full-year sales and earnings forecast due to the impact of a stronger dollar.

Adjusted earnings for the three months through June were $2.59 a share, up 4.4% from a year earlier and beating Wall Street’s consensus estimate by 5 cents, according to Johnson and Johnson. Group sales rose 3 percent to $24 billion, according to Johnson & Johnson, a figure that also beat analysts’ estimates of $23.81 billion.

Anúncios

Drug sales rose 6.7% to $13.332 billion, while sales of Covid vaccines more than doubled year-over-year to $544 million, according to Johnson and Johnson.

Anúncios

Looking ahead to fiscal 2022, J&J has lowered its guidance for adjusted earnings to $10.00 to $10.10 per share, on revenue of $93.3 billion to $94.3 billion, from its previous guidance of $10.15 to $10.35 per share. That was lower than a previous estimate of $94.8 billion to $95.8 billion, although the total included vaccine sales.

Anúncios

A stronger dollar erodes the value of foreign sales, making it more expensive to repatriate profits to foreign markets. The U.S. dollar index, which tracks the greenback against a basket of six major global currencies, has gained more than 12 percent so far this year, hitting a 20-year high earlier this month.

Johnson & Johnson shares fell 0.22% in early trade Tuesday to change hands at $174.10 immediately after the earnings report, paring a year-to-date gain of about 3%.

Learn more:

Anúncios
Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.