Johnson & Johnson cuts profit outlook for 2020

Johnson & Johnson is cutting its profit expectations for the year as the coronavirus disrupts economies worldwide.

Medical procedures, hospital and doctor visits in particular have been upended by the outbreak and Johnson & Johnson is the first major U.S. drug and medical supply company to post quarterly earnings.

The New Brunswick, New Jersey, company reported a first-quarter profit of $5.8 billion, or $2.17 per share. Adjusted per-share earnings were $2.30, far exceeding projections of $2.03 from Wall Street analysts, according to a survey by Zacks Investment Research.

Revenue was $20.69 billion, also beating expectations.

Johnson & Johnson expects adjusted full-year earnings in the range of $7.50 to $7.90 per share. That's down from the $8.95 to $9.10 previously projected.

It expects revenue of $77.5 billion to $80.5 billion.

Shares are up 3% before the opening bell Tuesday.