Johnson & Johnson says 4Q profit rose nearly 10 percent

NEW BRUNSWICK, N.J. -- Health care products maker Johnson & Johnson on Tuesday posted a fourth-quarter profit increase of nearly 10 percent as revenues jumped by double digits despite declines in sales of two key product lines.

The New Brunswick, N.J.-based maker of prescription drugs, medical devices, contact lenses and baby care items reported net income of $2.37 billion, or 82 cents per share, up from $2.17 billion, or 74 cents per share, a year earlier.

Excluding one-time items, net income would have been 88 cents per share.

Revenues totaled $15.96 billion, up 16.6 percent from $2.17 billion in the year-ago quarter.

Analysts surveyed by Thomson Financial were expecting earnings of 86 cents per share on revenues of $15.4 billion in the latest period. The estimates typically exclude one-time items.

The company said it expects earnings per share for all of 2008 to total $4.39 to $4.44, excluding one-time items.

For the full year, J&J reported net income of $10.6 billion, or $3.63 per share, down slightly from $11.05 billion, or $3.73 per share, in 2006.

Its shares fell $1.54, or 2.3 percent, to $64.75 in premarket trading.