Shares of medical devices company, Johnson & Johnson (NYSE: JNJ) rose in pre-market trading on Tuesday after the company reported adjusted earnings of $2.68 per share in Q1, up by 0.4% year-over-year and beating consensus estimates of $2.50 per share.
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Revenues increased 5.6% year-over-year to $24.7 billion, surpassing analysts’ estimates of $23.6 billion.
Looking forward, the management raised its guidance for FY23 and now expects adjusted operational sales to be between $97.9 billion and $98.9 billion versus analysts’ estimates of $97.65 billion. Adjusted earnings are projected to range between $10.60 and $10.70 per diluted share versus the consensus estimate of $10.51 per share.
Analysts are cautiously optimistic about JNJ stock with a Moderate Buy consensus rating based on four Buys and 10 Holds.
