J&J reduces annual profit projection due to the appreciation of the dollar

Johnson Johnson (JNJ &.N: Quotes) has reduced its annual profit forecast on Tuesday, saying expect the strong dollar will continue hurting their international businesses.

The company, which received just over half of its revenue from outside the United States in 2014, warned in January that the appreciation of the dollar could hurt profit in 0.42 dollar per share this year.

The dollar has risen about 9 percent against the basket of major currencies in three months until March 31, after rising 13 percent in 2014.

The band-aid maker cut its annual profit forecast to $ -6.19 per share 6.04 to 6.12 -6.27 u.s. dollars per share.

The average of the analysts expected profit of $ 6.16 per share, according to Thomson Reuters I/B/E/s.

The company's net profit fell to 4.32 billion, or $ 1.53 per share, in the first quarter, to $ 4.73 billion, or $ 1.64 per share, a year earlier.

Excluding items, the J&J profited 1.56 dollar per share, surpassing the average of analysts ' estimates of $ 1.54.

International sales fell about 12.4 percent to 8.68 billion dollars. Excluding the impact of the strong dollar, international sales would have risen 1 percent, the company said.

Total sales fell 4.1 percent to 17.37 billion dollars, but still exceeded analysts ' projections of 17.31 billion dollars, which caused the company's stock up to $ 101.15 in negotiations before the opening of the regular trading session.