J&J beats Street 3Q forecasts

NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson (JNJ) on Tuesday reported third-quarter earnings of $4.75 billion.

J&J also raised its 2014 earnings forecast.

On a per-share basis, the New Brunswick, New Jersey-based company said it had net income of $1.66. Earnings, adjusted for non-recurring gains, came to $1.50 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.

The world's biggest maker of health care products posted revenue of $18.47 billion in the period, which also topped Street forecasts. Analysts expected $18.31 billion, according to Zacks.

J&J expects full-year earnings in the range of $5.92 to $5.97 per share.

The company's stock rose $1.66 to $100.78 in premarket trading.

J&J shares have risen 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has increased 11 percent in the last 12 months.