UPDATE: Johnson & Johnson Posts Upbeat Q1 Earnings, Lifts FY14 Outlook

Johnson & Johnson

reported better-than-expected first-quarter earnings and lifted its full-year earnings forecast. Johnson & Johnson's quarterly profit rose to $4.73 billion, or $1.64 per share, from a year-ago profit of $3.5 billion, or $1.22 per share. Its sales climbed to $18.1 billion versus $17.5 billion. On an adjusted basis, Johnson & Johnson earned $1.54 per share. However, analysts were expecting earnings of $1.48 per share on sales of $18 billion. Johnson & Johnson now projects full-year earnings of $5.80 to $5.90 per share, versus its earlier forecast of $5.75 to $5.85 per share. However, analysts expected earnings of $5.82 per share. Johnson & Johnson shares gained 2.44% to $99.51 in pre-market trading.