Bausch & Lomb Exceeds Expectations
ROCHESTER, N.Y. (AP) _ Bausch & Lomb Inc., boosted by a double-digit jump in sales of contact lenses and eye-care drugs, posted a $32.4 million profit Thursday that handily exceeded Wall Street expectations.
Its fourth-quarter earnings amounted to 60 cents a share, compared with a loss of $8 million, or 15 cents a share, in last year’s fourth quarter. Analysts surveyed by Thomson First Call had projected earnings of 55 cents a share.
Sales jumped 8 percent to $477.4 million from $441.9 million.
Six months ago, the eye-care products maker said it was shutting down contact-lens plants in Miami, Spain and South Korea and eliminating about 450 jobs, or 3.75 percent of its work force of 12,000 people, in an effort to lower production costs and boost operating profits.
For the year, Bausch & Lomb earned $72.5 million, or $1.34 a share, up from $21.2 million, or 39 cents a share, in 2001. Revenue rose to $1.82 billion from $1.67 billion a year earlier.
But in early trading on the New York Stock Exchange, Bausch & Lomb shares were down 89 cents, or 2.7 percent, to $32.40.
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