Alcon: shares slip after quarterly results
(CercleFinance.com) - Shares in Swiss eye care group Alcon are down over 3% on Wednesday morning after the company reported third-quarter results that are broadly in line with analysts' expectations.
The group posted a third-quarter operating loss of 18 million dollars, including charges of 258 million dollars from the amortization of certain intangible assets.
Its quarterly sales rose by 4% to 1.8 billion dollars, up 6% on a constant currency basis.
"We reported another good quarter, delivering solid top line and core operating income growth," said Alcon CEO David Endicott.
Indeed, third-quarter core operating margin rose to 17.4%, up 40 basis points.
While the company nudged up its full-year sales growth outlook to 4%-5% on a constant currency basis, from 3%-5% previously, Alcon cut its guidance for core operating margin, now expecting 17%-17.5% compared to a previous guidance of 17% to 18%.
Alcon also announced a new multi-year transformation program, expecting to incur costs of 300 million dollars and drive savings of 200 million to 225 million dollars on an annualized run rate by 2023.
The shares were down 3.3% at 56.4 Swiss francs in Zurich this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group posted a third-quarter operating loss of 18 million dollars, including charges of 258 million dollars from the amortization of certain intangible assets.
Its quarterly sales rose by 4% to 1.8 billion dollars, up 6% on a constant currency basis.
"We reported another good quarter, delivering solid top line and core operating income growth," said Alcon CEO David Endicott.
Indeed, third-quarter core operating margin rose to 17.4%, up 40 basis points.
While the company nudged up its full-year sales growth outlook to 4%-5% on a constant currency basis, from 3%-5% previously, Alcon cut its guidance for core operating margin, now expecting 17%-17.5% compared to a previous guidance of 17% to 18%.
Alcon also announced a new multi-year transformation program, expecting to incur costs of 300 million dollars and drive savings of 200 million to 225 million dollars on an annualized run rate by 2023.
The shares were down 3.3% at 56.4 Swiss francs in Zurich this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.