Johnson & Johnson [JNJ] has reported a net loss of $3.3 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $21.4 billion
Based in New Brunswick, New Jersey, Johnson & Johnson operates in the manufacturing sector.
In the Income Statement for the quarter ended March 31, 2024, compared to the same period in the previous year, the following key financial figures were observed:
- Revenue from sales to customers increased to $21.38 million, up from $20.89 million in the previous year.
- Cost of products sold decreased to $6.51 million, down from $6.69 million in the previous year.
- Gross profit rose to $14.87 million, compared to $14.21 million in the previous year.
Operating expenses for the current quarter were as follows:
- Selling, marketing, and administrative expenses amounted to $5.26 million, an increase from $4.91 million in the previous year.
- Research and development expenses were $3.54 million, slightly higher than the $3.46 million in the previous year.
- In-process research and development impairments were $0.00 million in the current period, compared to $0.05 million in the previous year.
Other significant financial items include:
- Interest income showed a decrease, amounting to ($0.364) million, compared to ($0.198) million in the previous year.
- Interest expenses, net of portion capitalized, decreased to $0.155 million, down from $0.212 million in the previous year.
- Other (income) expense, net amounted to $2.40 million, a significant decrease from $6.94 million in the previous year.
The earnings (loss) before the provision for taxes on income was $3.71 million in the current quarter, a significant improvement from the ($1.29) million loss in the previous year. The provision for taxes on income was $0.459 million, higher than the ($0.796) million in the previous year.
Net earnings for the current quarter were $3.255 million, a significant increase from the ($0.068) million loss in the previous year.
The earnings (loss) per share for the current quarter were as follows:
- Continuing operations: Basic $1.35, diluted $1.34
- Discontinued operations: Basic $0.00, diluted $0.00
- Total net earnings per share: Basic $1.35, diluted $1.34
The average shares outstanding for the quarter were:
- Basic: 2,408.2 million shares
- Diluted: 2,430.1 million shares
Overall, the company showed positive growth in revenue, gross profit, and net earnings, indicating a strong performance compared to the previous year.
Also Read: Johnson & Johnson: Q1 Earnings Snapshot
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