Johnson & Johnson 1Q Profit Increased 12%
April 17th, 2012 | 
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Johnson & Johnson, the world’s largest healthcare company, announced on Tuesday that its first-quarter earnings increased 12 percent, even as revenues slipped.
The company’s earnings rose due to cost-cutting efforts and foreign effects.
According to sources, Johnson & Johnson raised its annual earnings estimate by 2 cents to $5.07 to $5.17 per share. Analysts expect earnings per share of $5.11 for the year.
The company reported a profit of $3.91 billion, or $1.41 per share, up from $3.48 billion, or $1.25 per share, a year earlier.
However, domestic sales dropped 5.1% to $7.22 billion. International sales were up 4%, including negative currency impacts of 2.3 percentage points.
Johnson & Johnson also announced that Bill Weldon, its long-time CEO, will be stepping and will be succeeded by Alex Gorsky, head of J&J’s medical device business and one of J&J’s two vice chairmen.
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