J&J Third-Quarter Earnings Top Estimates

Johnson & Johnson (JNJ Quote - Cramer on JNJ - Stock Picks) reported third-quarter earnings of $3.3 billion, or $1.17 a share, compared with $2.6 billion, or 88 cents a year earlier, as strong sales in the company's medical devices and diagnostics segment boosted results.

Analysts surveyed by Thomson Reuters expected the company to earn $1.11 a share in the quarter.

Sales in the quarter rose $15.9 billion, an increase of 6.4% from a year earlier. Domestic sales rose 0.4%, while international sales rose 13.1%, the company said in a statement Tuesday.

Johnson & Johnson raised its earnings guidance for full-year 2008 to $4.50 to $4.53 a share, excluding the impact of any in-process research and development charges.

"Johnson & Johnson continues to achieve solid earnings results despite the impact that generic products have had on our pharmaceutical business," said William C. Weldon, chairman and CEO. "Of note was the strong sales performance of our consumer segment and the solid sales results in our medical devices and diagnostics segment."

Worldwide consumer sales in the quarter rose 13.1%, while medical devices and diagnostics sales rose 8.8%.

Shares of Johnson & Johnson closed Monday at $62.68.