Johnson & Johnson earnings outlook gets a boost from a stronger dollar

Andrew Harrer | Bloomberg | beautiful pictures

Johnson & Johnson on Tuesday posted a 23.3% drop in quarterly profit and cut its full-year adjusted profit forecast as a stronger dollar dragged on sales outside the United States.

The company now expects full-year adjusted earnings of $10.00 to $10.10 per share, from a previous forecast of $10.15 to $10.35.

Johnson & Johnson’s net income fell to $4.81 billion, or $1.80 per share, for the second quarter, from $6.28 billion, or $2.35 per share, a year before.

Major US multinationals, including Microsoft and Coca-Colawarned of a hit from the strength of the US currency, due to fears of a global recession.

This story is evolving. Please check back for updates.

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