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J&J profit rises nearly 9 percent

Johnson & Johnson's profit rose nearly 9 percent in the second quarter as record sales and restrained spending on marketing and overhead costs offset higher research expenses.
/ Source: The Associated Press

Johnson & Johnson's profit rose nearly 9 percent in the second quarter as record sales and restrained spending on marketing and overhead costs offset higher research expenses.

The diversified health products maker on Tuesday reported net income grew to $2.82 billion, or 95 cents per share, in the April-June peirod from $2.59 billion, or 86 cents per share, during the same quarter a year ago.

Excluding an $87 million charge for an acquisition, the company would have posted net income of $2.9 billion, or 98 cents per share. That beat by a penny a share the consensus forecast of analysts surveyed by Thomson Financial.

J&J, which makes products ranging from contact lenses and contraceptives to baby shampoo and skincare lotions, said revenue rose 4.7 percent, to $13.4 billion from $12.8 billion a year earlier.

Analysts had expected sales of $13.3 billion for the latest quarter.