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J&J sales lag, profit view cut on foreign exchange factors

In this Jan. 24, 2011 photo, Johnson & Johnson Band-Aid products are displayed, in Montpelier, Vt.

Toby Talbot/AP

Johnson & Johnson reported lower-than-expected quarterly sales on Tuesday and cut its full-year 2012 profit forecast, citing negative foreign-exchange factors, but quarterly earnings narrowly beat Wall Street estimates.

The diversified health care company said on Tuesday it earned $1.41-billion, or 50 cents per share, in the second quarter. That compared with $2.78-billion, or $1.00 per share, in the year-earlier period, when the company took a big charge for restructuring its Cordis heart-device unit.

Quarterly sales totalled $16.48-billion, falling short of Wall Street expectations of $16.69-billion.

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Excluding a number of big charges, J&J earned $1.30 per share in the most recent period. Analysts, on average, expected $1.29 per share, according to Thomson Reuters I/B/E/S.

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