Johnson & Johnson (NYSE: JNJ) reported Tuesday posted an increase in fourth-quarter sales and gave the company a positive forecast for this year, according to Associated Press.
However, quarterly profit was down due to an extensive charge worth $1.1 billion before taxes for the largest restructuring in the company’s history. The program will eliminate up to 8,000 jobs, which is nearly 7 percent of the work force.
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J&J, the world's largest maker of health care products, said sales rose 9 percent to $16.55 billion, but profit dropped 19 percent to $2.21 billion, or 79 cents per share. Excluding one-time items, the company reported earnings per share of $1.02.
Analysts polled by Thomson Reuters on average were expecting revenue of $15.7 billion and earnings per share of 97 cents, excluding items.
In the fourth quarter, sales of consumer products rebounded, rising 10 percent to $4.25 billion with most of that improvement coming internationally. Sales of prescription drugs were up just over 5 percent at $5.99 billion, with growth in other countries offsetting a small decline in the division.
J&J’s largest division, the medical devices and diagnostics division, saw the biggest improvement, a 12 percent increase in sales to $6.31 billion.
The company also gave its first profit forecast for 2010: $4.85 to $4.95 per share, excluding one-time items. The forecast was up about 10 percent from J&J performance in 2009.
For the full year, the company reported net income of $12.27 billion, or $4.40 per share, down 5 percent from $12.95 billion, or $4.57 per share. Sales fell 3 percent to $61.9 billion from $63.75 billion.
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