Johnson & Johnson reveals strong earnings, raises dividend
Stocks finished nearly 4.5% higher after the company raised its dividend by 6.3%
Stocks impacted: Johnson & Johnson (JNJ)
The drug and consumer products company reported first-quarter profit and sales that rose above expectations and boosted its dividend. Net income rose to $5.80 billion from $3.75 billion from a year ago. Revenue grew 3.3% to $20.69 billion versus $19.73 billion expected. The company also said it would pay a quarterly dividend of $1.01 per share, a 6.3% increase from its previous payout. At the same time, Johnson & Johnson revised down its guidance for the full fiscal year, cutting its earnings expectations to between $7.50 and $7.90 per share, down from a prior forecast of $9.00 to $9.15 per share. Following the earnings release, the company’s shares rallied and finished 4.48% higher on Tuesday.
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