Johnson & Johnson is still getting whacked by the strong dollar.
On Tuesday morning, the pharmaceutical giant reported first quarter earnings per share of $US1.56, beating estimates of $US1.53, on revenues of $US17.4 billion, more than the $US17.32 billion forecast.
Compared to last year, however, sales were down 4.1%. Domestic sales rose 5.9%, but international sales fell 12.4%, with a negative currency impact of 13.2%.
Ex-currency impacts, international sales were down 3% in the first quarter.
J&J also lowered its full-year earnings guidance to $US6.04-$US6.19 per share, which the company said reflects further negative foreign currency movements.
CEO Alex Grosky said in a release, “The company delivered strong underlying growth in the first quarter driven by new products and the strength of the core business. Of note is the continued robust growth of the Pharmaceutical business and the solid performance of our Consumer brands.”
Shares of the company were up about 0.5% in pre-market trade on Tuesday.
As Business Insider’s Sam Ro reported, the strong dollar is the number one factor that companies say will have a negative impact on earnings in the first quarter.