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J&J To Incur About $100 Mln Charges In Q1 On Venezuelan Currency Devaluation

Johnson & Johnson (JNJ) announced based on its preliminary assessment of the impact of the Venezuelan government's decision to devalue its currency effective February 13, 2013, that it expects to incur a charge of about $100 million to net Income in the First Quarter of 2013 or approximately a $0.04 negative impact to earnings per share.

The company said the charge is related to the remeasurement of the local balance sheet at the date of the devaluation and is not expected to impact earnings per share guidance for full-year 2013 which was previously announced on January 22, 2013.

by RTT Staff Writer

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