J&J sales lag, profit view cut on foreign exchange factors
July 17 (Reuters) - Johnson & Johnson reported lower-than-expected quarterly sales on Tuesday and cut its full-year 2012 profit forecast, citing negative foreign-exchange factors, but quarterly earnings narrowly beat Wall Street estimates.
The diversified healthcare company said on Tuesday it earned $1.41 billion, or 50 cents per share, in the second quarter. That compared with $2.78 billion, or $1.00 per share, in the year-earlier period, when the company took a big charge for restructuring its Cordis heart-device unit.
Quarterly sales totaled $16.48 billion, falling short of Wall Street expectations of $16.69 billion.
Excluding a number of big charges, J&J earned $1.30 per share in the most recent period. Analysts, on average, expected $1.29 per share, according to Thomson Reuters I/B/E/S.
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