Alcon's Swiss Shares Drop After Guidance Narrowed to Lower End of Range

By Helena Smolak

Alcon's Switzerland-listed shares fell after the company narrowed its full-year guidance to the lower end of its previous ranges amid supply-chain shortages and currency fluctuations.

At 1013 GMT on Wednesday, Alcon's shares in Switzerland were down 4.7% at CHF63.80.

The Geneva-based eye-care company said Tuesday that it was narrowing its expected full-year sales range to between $9.3 billion and $9.4 billion, having previously guided between $9.3 billion and $9.5 billion. Alcon further tightened its outlook for core earnings per share to between $2.70 and $2.75, having previously anticipated a between $2.70 and $2.80.

Alcon's third-quarter net profit was $204 million compared with $116 million a year prior on sales that grew 8.4% to $2.30 billion. Sales increased 9% on a constant-currency basis, with growth in both its vision-care and surgical segments.

Core EPS rose 32% to $0.66, the company said.

While this wasn't a typical quarter, and though the company didn't beat expectations or raise its outlook, this was mainly due to foreign-exchange headwinds and the tightened guidance looks largely in line with consensus views, Citi analysts wrote in a note to clients.

Write to Helena Smolak at [e-mail]

(END) Dow Jones Newswires

November 15, 2023 05:56 ET (10:56 GMT)

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