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4-Traders Homepage  >  Equities  >  Nyse  >  Johnson & Johnson    JNJ

Delayed Quote. Delayed  - 07/27 10:00:31 pm
124.77 USD   -0.30%
09:58a Weak China sales drag down Smith & Nephew profits
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Weak China sales drag down Smith & Nephew profits

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07/28/2016 | 09:58am CEST

Smith & Nephew (>> Smith & Nephew plc), Europe's biggest maker of artificial knees and hips, said on Thursday it continued to struggle with weak demand for its products in China, disappointing investors who sent the shares down 4 percent.

Smith & Nephew (>> Smith & Nephew plc), Europe's biggest maker of artificial knees and hips, said on Thursday it continued to struggle with weak demand for its products in China, disappointing investors who sent the shares down 4 percent.

A poor second-quarter performance in China and the Gulf states offset good growth in its global sports medicine joint repair business.

The company said it expected China "to begin to improve" in the second half of the year but warned recent difficult trading conditions in the Gulf were likely to continue in the near term.

"It's been a little bit worse than we anticipated and in addition we've had some challenges in Europe. But the strategy of the company is intact and we've had very good growth in some key franchises, such as sports medicine," Chief Financial Officer Julie Brown told Reuters.

Overall quarterly revenue of $1.19 billion, which was broadly in line with analyst expectations, generated trading profit down 3 percent at $483 million, while profit margins slipped 170 basis points to 20.8 percent from a year ago.

The British group competes with larger rivals such as Stryker (>> Stryker Corporation), Zimmer Biomet (>> Zimmer Biomet Holdings Inc) and Johnson & Johnson (>> Johnson & Johnson) in the orthopaedics market and has often been viewed as a potential takeover target.

Brown, who will be leaving the company in January to join Burberry (>> Burberry Group plc), said she believed there was still a role for smaller companies, adding S&N itself was an acquirer and would continue to look for opportunities in high-growth sectors.

(Editing by Susan Thomas)

By Ben Hirschler

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Financials ($)
Sales 2016 72 070 M
EBIT 2016 21 664 M
Net income 2016 16 515 M
Finance 2016 14 587 M
Yield 2016 2,51%
P/E ratio 2016 21,20
P/E ratio 2017 18,76
EV / Sales 2016 4,56x
EV / Sales 2017 4,28x
Capitalization 343 198 M
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Johnson & Johnson Technical Analysis Chart | JNJ | US4781601046 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 126 $
Spread / Average Target 1,3%
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NameTitle
Alex Gorsky Chairman & Chief Executive Officer
Dominic J. Caruso Chief Financial Officer & Vice President
Paulus Stoffels Chief Scientific Officer
Susan L. Lindquist Independent Director
Charles O. Prince Independent Director
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