Global health care company and perennial dividend grower, Johnson & Johnson (JNJ) announced yesterday that they grew their third quarter earnings by 10.4% over 2007. Sales were up across the board and were largely driven by international efforts. Generic drugs are having a negative impact on J&J's pharmaceutical business. Johnson managed to grow consumer sales by 13% driven primarily be U.S. allergy sales (Zyrtec) and Chinese moisturizer sales (Dabao).
The company also increased its earnings guidance for full year 2008. Overall, the earnings report looked very solid, a nice reprieve from the dark day to day headlines in the market these days. JNJ is being viewed as a safe harbour from the storm lately and they are certainly living up to that billing as they continue to execute despite current conditions.
Here is a glance at J&J's recent dividend activity:
2006-$1.47
2007-$1.64
2008-$1.80
That is a compound annual growth rate of the dividend of about 11% over the last few years.
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