Johnson & Johnson beats Street 1Q forecasts

NEW BRUNSWICK (AP) — Johnson & Johnson (JNJ) on Tuesday reported first-quarter profit of $4.32 billion.

The New Brunswick-based company said it had profit of $1.53 per share. Earnings, adjusted for one-time gains and costs, came to $1.56 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share.

The world's biggest maker of health care products posted revenue of $17.37 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $17.31 billion.

Johnson & Johnson expects full-year earnings in the range of $6.04 to $6.19 per share.

Johnson & Johnson shares have declined nearly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 2 percent. The stock has risen roughly 4 percent in the last 12 months.

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