Alcon third-quarter profit increases by 51%

Hunenberg, Switzerland-Alcon's quarterly earnings per share came in above analysts' expectations and rose 51% from last year. The company also lowered its revenue guidance, while raising its earnings outlook for the full year 2008.

The reported net income for the third quarter was $627.1 million or $2.07 per share, higher than last year's $415.3 million or $1.38 per share for the third quarter, said the company in a prepared statement. The net earnings for the most recent quarter included a $239.5 million tax benefit associated with losses on the value of the company's investment in and advances to the former Summit Autonomous Inc.

Sales for the quarter rose 14.1% to $1.52 billion from $1.34 billion in the prior-year quarter, while analysts had a revenue consensus of $1.54 billion, according to the company. The acquisition of WaveLight AG contributed 1.4 percentage points of sales growth in the third quarter.

Consumer eye-care sales for the quarter increased 10.5% to $223.7 million. Sales of contact lens disinfectants grew 2.6% and sales of artificial tears products increased 28%, said the company.