Jim Cramer: Johnson & Johnson’s 'Amazing' Quarter Defies Coronavirus
It's earnings season.
Earnings season officially kicked off Tuesday, April 14, with Johnson & Johnson being one of the first companies to report earnings.
Johnson & Johnson said adjusted earnings for the three months ending in March came in at $2.30 per share, up 9.5% from the same period last year and 31 cents ahead of the Street consensus forecast. Group revenues, J&J said, rose 6.7% last year to $20.7 billion and topped analysts' estimates of a $19.3 billion tally.
“Johnson & Johnson is built for times like this, and we are leveraging our scientific expertise, operational scale and financial strength in the effort to advance the work on our lead COVID-19 vaccine candidate," said CEO Alex Gorsky. "We are committed to beginning production at risk imminently and bringing an affordable and accessible vaccine to the public on a not-for-profit basis for emergency pandemic use.”
J&J is a stock that Jim Cramer and his team at Action Alerts PLUS hold in their portfolio.
So, what did the Cramer think about the quarter?
He said that it was "amazing."
Cramer, in particular, praised the vaccine.
"What a great stock," he said. "Nobody's talking about talc now."
Watch the video above for more.