Johnson & Johnson (NYSE:JNJ) kicked off quarterly earnings season by beating Wall Street estimates and raising the bottom end of its earnings guidance, sending JNJ shares up modestly despite declining third-quarter earnings.
The New Brunswick, N.J.-based health care conglomerate reported profits of $3.20 billion, or $1.15 per diluted share, on sales of $16.01 billion for the three months ended Sept. 30.
That’s a bottom-line slide of 6.3 percent compared with earnings of $3.42 billion, or $1.23 diluted EPS, on sales of $15.0 billion during the same period last year.
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Absent a 9-cent-per-share charge to cover Johnson & Johnson’s $2.3 billion buyout of Synthes (VTX:SYST), however, earnings were $3.4 billion, or $1.24 per share – ahead of analysts’ expectations of $1.21 per adjusted share.
The company’s medical device & diagnostics division posted sales of $6.3 billion, up 6.1 percent largely due to a 12.3 percent boost from international revenues of $3.50 billion. U.S. sales were down 0.7 percent to $2.80 billion.
“Primary contributors to operational growth included Ethicon’s surgical care products; Ethicon Endo-Surgery’s Advanced Sterilization Products and international sales of minimally invasive products; and Biosense Webster’s electrophysiology business,” the company said in a press release.
Shares of JNJ were up 0.1 percent to $63.87 as of about 12:30 today.
Here’s a look at how the MD&D division’s segments broke down for the quarter (in millions):
| CARDIOVASCULAR CARE | |||
| US | $198 | $246 | -19.5% |
| Intl | $328 | $350 | -6.3% |
| WW | $526.00 | $596.00 | -11.7% |
| DEPUY | |||
| US | $737 | $748 | -1.5% |
| Intl | $647 | $561 | 15.3% |
| WW | $1,384.00 | $1,309.00 | 5.7% |
| DIABETES CARE | |||
| US | $338 | $338 | 0.0% |
| Intl | $326 | $275 | 18.5% |
| WW | $664.00 | $613.00 | 8.3% |
| ETHICON ENDO-SURGERY | |||
| US | $472 | $484 | -2.5% |
| Intl | $759 | $653 | 16.2% |
| WW | $1,231.00 | $1,137.00 | 8.3% |
| ORTHO-CLINICAL DIAGNOSTICS | |||
| US | $265 | $263 | 0.8% |
| Intl | $274 | $235 | 16.6% |
| WW | $539.00 | $498.00 | 8.2% |
| VISION CARE | |||
| US | $251 | $241 | 4.1% |
| Intl | $501 | $454 | 10.4% |
| WW | $752 | $695 | 8.2% |
