How did JNJ's Q1 2024 EPS perform against forecasts?

Johnson & Johnson's (JNJ) Q1 2024 diluted EPS of $1.34 was slightly below the expected EPS of $1.70, representing a significant year-over-year increase of 39.3%. This performance indicates robust growth and surpasses the expected EPS, reflecting strong financial performance and operational efficiency. 2. **Analysis of Variance**: - The reported EPS of $1.70 for Q4 2023 was a significant rise from the $1.34 in Q1 2024, showing that the company's earnings have increased substantially over the past year. - This increase is particularly notable considering the $1.70 EPS in Q4 2023 exceeded the expected EPS of $1.70, indicating that the actual performance was higher than anticipated. 3. **Comparison with Full-Year Performance**: - In contrast, the full-year 2023 EPS of $5.20, which included a special charge, decreased by 15.3% from the previous year. However, the adjusted EPS increased by 11.1% to $9.92, suggesting that underlying earnings performance was strong. - The 2024 guidance for operational EPS of $10.55 - $10.75 indicates a positive outlook, with expectations of continued growth and profitability. 4. **Market Reaction and Analyst Expectations**: - Despite the strong performance, the stock did not show significant positive movement, possibly due to market expectations already accounting for the EPS growth. - Analysts had anticipated a slight decrease in EPS to $2.18 for Q3 2024, which would represent an 18.1% drop from the previous year's $2.66. This comparison highlights that the Q1 2024 EPS performance was better than anticipated. 5. **Conclusion**: - Johnson & Johnson's Q1 2024 EPS of $1.34 exceeded expectations, reflecting strong financial performance and operational efficiency. The significant year-over-year increase of 39.3% demonstrates the company's robust growth and ability to surpass market expectations. - The full-year 2023 EPS decrease was due to a special charge but was offset by an increase in adjusted EPS, indicating underlying strength in the company's core business.