Alcon Posts 3Q Loss and Will Restructure Operations
November 19 2019 - 5:32PM
Dow Jones News
By Maria Armental
Alcon Inc., the eye-care company spun off from Novartis AG,
reported third-quarter results on Tuesday. Here's what you need to
know:
EARNINGS: The net loss narrowed to $66 million, or 14 cents a
share, from $207 million, or 42 cents a share, a year earlier. Core
earnings fell to 46 cents a share from 50 cents a share a year
earlier.
REVENUE: Total revenue rose to $1.87 billion from $1.76 billion
a year earlier.
OUTLOOK: Alconexpects worldwide net sales this year to increase
4% to 5% on a constant currency basis and incur $500 million in
separation costs, compared with its earlier view of 2019 sales
growth of 3% to 5% net sales growth and $300 million in separation
costs.
TRANSFORMATION: Alcon projected $300 million in costs tied to a
multi-year restructuring that's projected to result in savings of
$200 million to $225 million on an annualized run rate by 2023.
CEO: "Our momentum is strong as an independent company," Chief
Executive David Endicott said in a statement. "We're going to build
on this success by proactively implementing a multi-year
transformation program that will further simplify and streamline
our processes, accelerate innovation and strengthen our commercial
position. We will reinvest these savings to support new product
development and launches."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 19, 2019 17:17 ET (22:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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