Johnson&Johnson’s 3rd quarter profit fell about 8 percent because of charges for cutting jobs, primarily in its stent-making and pharmaceuticals businesses.
The company earned $2.55 billion (EUR1.8 billion), or 88 cents per share, compared with a profit of $2.76 billion, or 94 cents per share during the same period a year prior.
Revenue rose to $14.97 billion (EUR10.6 billion) from $13.29 billion, helped by strong results in international markets.
In July, J&J said it would reduce its global work force by up to 4 percent, or up to 4,820 jobs, to cut costs due to slumping sales of heart stents and its No. 2 drug, plus looming patent expirations. The third-quarter results include a related $528 million (EUR373.14 million) charge. Excluding that, J&J posted earnings of $1.06 per share.
Analysts polled by Thomson Financial expected profit of 99 cents per share on revenue of $14.84 billion (EUR10.5 billion).
The company increased its earnings guidance for the full-year to between $4.10 and $4.13 per share from between $4.02 to $4.07 per share. The guidance excludes restructuring charges and special items.