Bausch & Lomb, the eye-care products maker, yesterday reported a higher-than-expected rise in quarterly profit and boosted its forecast for the year due to strong sales of pharmaceuticals and contact lenses, and the weak dollar.
The company, which employs about 1,700 people at its Irish plant in Waterford, posted net earnings for the second quarter of $28.3 million (€24.67 million), or 53 US cents per share, compared with $21.8 million, or 40 US cents a share, in the same period a year earlier. That surpassed analysts' expectations who, on average, forecast 48 US cents a share.
The company raised its earnings forecast for the full year to $2.20 per share from its previous estimate of $2.07.
"We expect the positive business trends to continue over the remainder of the year, particularly in our contact lens and pharmaceuticals categories," said chief executive Mr Ronald Zarrella in a statement.
Net sales for the quarter rose to $512.5 million from $458.4 million a year ago. Sales of contact lenses rose 12 per cent, while sales of eye-care pharmaceuticals jumped 24 per cent.
The company said it expects revenue to increase by 10 per cent for the year. Bausch & Lomb had previously stated that the outbreak of SARS in Asia would reduce earnings for the year. - (Reuters)
