J&J Q3 Profit Edges Up; Adj. Earnings Beat Estimates; Lifts FY13 Adj. EPS View

(RTTNews) - Healthcare giant Johnson & Johnson (JNJ) reported that its third-quarter of 2013 net earnings attributable to the company slightly increased to $2.982 billion from $2.968 billion in the same quarter last year. But net earnings per share for the quarter declined to $1.04 from last year's $1.05.

The latest-quarter results included after-tax special items of approximately $0.9 billion, primarily related to an increase in the accrual for litigation expenses, in-process research and development expense, and integration and transaction costs related to the acquisition of Synthes, Inc.

Third quarter 2012 net earnings included after-tax special items of approximately $0.6 billion. Excluding items, adjusted earnings attributable to the company for the latest quarter grew to $3.92 billion or $1.36 per share, from $3.52 billion or $1.25 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.32 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter rose to $17.57 billion from $17.05 billion in the prior year quarter. Fifteen analysts had consensus revenue estimate of $17.46 billion for the quarter.

The company increased its full-year 2013 adjusted earnings guidance to a range of $5.44 - $5.49 per share, from the prior estimate of $5.40 to $5.47 per share. Analysts expect the company to report earnings of $5.46 per share for fiscal 2013.