Goldman Sachs and Johnson & Johnson released their latest quarterly earnings reports before opening bell this morning. Johnson & Johnson posted adjusted earnings of $1.68 per share for the first quarter, compared to the consensus of $1.65 per share. The company’s revenue came in at $17.48 billion against the consensus at $17.49 billion.
Goldman Sachs posted adjusted earnings of $2.68 per share, beating the consensus estimate of $2.42 per share. The firm came up short of revenue estimates, however, reporting $6.34 billion against the consensus of $6.73 billion.
All segments weigh on Goldman Sachs’ results
Goldman Sachs said Investment Banking revenues tumbled 23% year over year to $1.46 billion, while Institutional Client Services revenue plummeted 37% to $3.44 billion. Investing and Lending revenue dropped precipitously to $87 million, while Investment Management revenue fell 15% to $1.35 billion.
“The operating environment this quarter presented a broad range of challenges, resulting in headwinds across virtually every one of our businesses,” Goldman Sachs Chairman and CEO Lloyd C. Blankfein said in a statement. “Looking ahead, we will continue to focus on delivering superior service to our clients and managing our business efficiently, which remain essential to generating shareholder value over the long term.”
Goldman Sachs shares fell by as much as 0.13% to $158.60 in premarket trading this morning.
Johnson & Johnson raises guidance
Johnson & Johnson’s reported earnings were $1.54 per share, compared to the year-ago quarter’s $1.53 per share. Operational sales climbed 3.9%, but the consumer products company said currency headwinds had a negative impact of 3.3%. Domestic sales rose 7.2%, while international sales declined 6% as the 6% negative impact from currencies more than offset the 0.6% increase in operational sales. Worldwide Consumer sales declined 5.8% year over year to $3.2 billion with the vast majority of that decline coming from currency exchange. Worldwide Pharmaceutical sales grew 5.9% to $8.2 billion
Management increased their guidance for sales this year to a range of $71.2 billion to $71.9 billion from the previous range of $70.8 billion to $71.5 billion. They also raised their full year adjusted earnings guidance to a range of $6.53 to $6.68 per share from the previous guidance of $6.43 to $6.58 per share.
Shares of Johnson & Johnson were inactive in premarket trading.