Johnson & Johnson (NYSE:JNJ) shares are trading slightly higher today after the healthcare giant posted better than expected earnings despite seeing a huge drop in profits. The company has had a year full of recalls, litigation and acquisition that seen its profits dwindle to just above 10 percent of what they were last year. Revenue during the quarter remained high though and just came shy of Wall Street estimates.
During the fourth quarter Johnson & Johnson posted a net income of $218 million, or 8 cents per share, down from last years same quarter net income of $1.94 billion, or 70 cents per share. Excluding one time items the company’s net income was $3.13 billion, or $1.13 per share. That results topped analyst expectations of $1.09 per share.
Revenue during the period rose to $16.26 billion from last years $15.64 billion but fell slightly short of Wall Street estimates of $16.28 billion.
The company said that it expects earnings in 2012 to reach $5.05 to $5.15 per share, slightly below the $5.20 that analysts have predicted.
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