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J&J misses 2Q target
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July 17, 2001: 9:08 a.m. ET
Drug and health products maker posts higher profit but misses forecasts
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NEW YORK (CNNfn) - Johnson & Johnson missed Wall Street forecasts for the second quarter despite posting improved profits Tuesday.
The drug and health products maker earned $1.58 billion, or 51 cents a share, excluding special items. Analysts surveyed by earnings tracker First Call had forecast earnings per share of 53 cents, up from the 47 cents a share it earned in the year-earlier period.
Sales gained 8.8 percent to $8.34 billion, topping forecasts of $8.03 billion for the period. The company said without the impact of the change in currency exchange rates revenue would have increased 12.3 percent.
Sales of the company's pharmaceutical segment, its largest, gained 14.2 percent to $3.86 billion, while sales of its medical devices and diagnostics division gained 8.3 percent to $2.79 billion. But sales of the consumer product division slipped 1.4 percent to $1.68 billion during the period.
The pharmaceutical industry is one sector that has been bucking a general trend of declining earnings among major U.S. companies. Pfizer Inc. (PFE: Research, Estimates), the nation's largest drugmaker, beat earnings forecasts with improved results Tuesday. Johnson & Johnson is expected to be the only one of six Dow Jones industrial average components reporting earnings Tuesday to show a year-to-year improvement.
Shares of Johnson & Johnson (JNJ: Research, Estimates) gained 68 cents to $53.73 a share Monday. 
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Johnson & Johnson
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