January 22, 2008 -- Health care products maker Johnson & Johnson on Tuesday posted a fourth-quarter profit increase of nearly 10 percent as revenues jumped by double digits despite declines in sales of two key product lines.

The New Brunswick, N.J.-based maker of prescription drugs, medical devices, contact lenses and baby care items reported net income of $2.37 billion, or 82 cents per share, up from $2.17 billion, or 74 cents per share, a year earlier.

Excluding one-time items, net income would have been 88 cents per share.

Revenues totaled $15.96 billion, up 16.6 percent from $2.17 billion in the year-ago quarter.

Analysts surveyed by Thomson Financial were expecting earnings of 86 cents per share on revenues of $15.4 billion in the latest period. The estimates typically exclude one-time items.

Source: Associated Press Newswires