(ABM FN-Dow Jones) Despite an increase in sales, Johnson & Johnson saw Q2 earnings decline in the second quarter, but less than feared and decided to revise expectations for the whole upside. This was evident from the results of the American food and pharmaceutical giant on Thursday afternoon.
Adjusted earnings per share were more than 35 percent lower at $ 1.67, while analysts pre-polled by FactSet averaged $ 1.49 per share. A year earlier, adjusted earnings per share were still in the books of $ 2.58 in the second quarter.
The net result also fell by more than 35 percent to $ 3,626 million over the reporting period.
Johnson & Johnson’s revenue decreased 10.8 percent to $ 18,336 million in the quarter.
The New Brunswick-based company attributed the declines to the effects of the corona pandemic.
Johnson & Johnson updated its assessment of the effects of the corona crisis on Thursday.
For 2020, Johnson & Johnson is still aiming for minimal operational revenue growth, now at a maximum of 1.0 percent and a maximum contraction of 0.8 percent. In April this bandwidth was at a maximum growth of half a percent and at worst a shrinkage of 3.0 percent.
The adjusted earnings per share are now expected to reach between $ 7.75 and $ 7.95 in 2020. In April, the company was still expecting $ 7.50 to $ 7.90. Analysts expected $ 7.75.
Johnson & Johnson shares were 0.2 percent higher on Tuesday afternoon in electronic commerce in New York before opening.
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