5 Earnings Reports Everyone is Talking About

2. Johnson & Johnson (NYSE:JNJ)

Number of Hedge Fund Holders: 88

Shares of Johnson & Johnson (NYSE:JNJ) rose more than two percent on Tuesday, 19 October 2021, after delivering impressive earnings for the third quarter and lifting its full-year guidance. The company’s adjusted earnings rose 18.2 percent on a year-over-year basis to $2.60 per share, crushing analysts’ average estimate of $2.35 per share.

Revenue for the quarter jumped 10.7 percent to $23.34 billion but missed the consensus forecast of $23.64 billion. If we look at the year-over-year performance of key segments, revenue from the consumer health segment rose 5.7 percent, revenue from the pharmaceutical unit jumped 13.8 percent, while revenue from the medical devices segment surged 7.6 percent.

Looking forward, Johnson & Johnson (NYSE:JNJ) expects adjusted earnings in the range of $9.77 – $9.82 per share for the full year, up from its previous outlook between $9.60 – $9.70 per share. The updated guidance is better than the consensus forecast of $9.71 per share.

Commenting on the quarter, CEO Alex Gorsky said:

“Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health.”