Johnson & Johnson beat first-quarter expectations, as growth in the health care giant's home market helped counter another revenue hit overseas from a strong dollar.
The health care giant booked a $68 million loss on a one-time charge in the quarter, and revenue grew more than 5% to $24.75 billion, which was better than anticipated.
Adjusted earnings totaled $2.68 per share, topping Wall Street projections for per-share earnings of $2.50, according to a survey by FactSet.
Johnson & Johnson sells prescription drugs and medical devices. It is splitting off its consumer health business, which includes well-known products like BandAids. The company expects to complete the separation this year.
Sales in the U.S. grew nearly 10% to $12.52 billion in the quarter, while international sales climbed nearly 2%.
A strong U.S. dollar can affect sales for companies that do a lot of international business. They have to convert those sales into dollars when they report earnings. The stronger dollar decreases the value of those sales. It also gives foreign products a price edge in the United States.
J&J brings in nearly half of its revenue from outside the United States.
J&J board OK'd a 5% increase in the company's quarterly dividend. That bumps the amount up to $1.19 per share from $1.13 per share.
The New Brunswick, New Jersey, company on Tuesday also boosted the lower end of its forecasted range for 2023 by a dime. It now expects adjusted earnings of between $10.50 and $10.60 per share.
Analysts expect earnings of $10.51 per share this year.
Shares climbed in early morning trading.