GENEVA – Alcon Inc. (NYSE:) reported second-quarter earnings that slightly beat expectations, but revenue fell short of analyst estimates, sending shares down 2.5% in after-hours trading.
The eye care company posted adjusted earnings per share of $0.74, edging past the consensus forecast of $0.73. However, revenue of $2.48 billion missed Wall Street’s projection of $2.53 billion.
For the quarter ended June 30, Alcon’s sales rose 3% year-over-year, or 6% on a constant currency basis, to $2.48 billion. The company saw strength in its contact lens and implantables businesses, particularly in international markets.
“We are pleased with our solid second-quarter results, which were driven by robust demand for our innovative products, our balanced geographic footprint and strong execution by our team,” said David J. Endicott, Alcon’s Chief Executive Officer.
Despite the revenue shortfall, Alcon maintained its full-year 2024 guidance. The company continues to expect adjusted earnings per share of $3.00 to $3.10 and revenue of $9.9 billion to $10.1 billion.
Operating margin expanded to 12.8% from 11.2% a year earlier, reflecting improved leverage from higher sales. However, the company noted significantly higher inventory provisions in its Vision Care segment due to a supplier-related quality issue.
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