RTTNews | Aug 18, 2021 11:09AM EDT

11:09 Wednesday, August 18, 2021 (RTTNews.com) - Switzerland-based eye care specialist Alcon Inc. (ALC), is trading 11% higher in the Wednesday market after reporting a better result in the second quarter. Both revenues and earnings managed to trump the Street view. Net income was $151 million or $0.31 per share, compared to a loss of $422 million or $0.86 loss per share in the previous year. On an adjusted basis, the net income was $278 million or $0.56 earnings per share, compared to a loss of $103 million or $0.21 loss per share last year. Thirteen analysts on average polled by Thomson Reuters had projected income of $0.45 for the quarter. Alcon reported revenues of $2.09 billion, up 90% from $1.19 billion in the previous term. One of the chief driving forces for the revenue was a 100% increase in the surgical segment to $1.20 billion from $602 million last year. Eleven analysts estimated the revenue to be $1.96 billion. The company also increased its guidance for the full year. Assuming that the market will go back to normalcy by the end of the year, the company raised its projection of revenue to $8.00 billion to $8.20 billion, from the previous forecast of $7.80 billion to $8.00 billion. The adjusted income per share was also raised to $2.00 to $2.10 per share from $1.85 to $1.95 per share. Analysts' forecast for the entire year was $7.92 billion in revenue with earnings of $1.93 per share. The shares are currently trading at $79.44, up $8.08 or 11.32% from their previous close at $71.36 on Tuesday. The shares opened at $80.29 in the morning and in the 52-week period, the shares have ranged between $54.51 and $80.54.

Read the original article on RTTNews ( https://www.rttnews.com/3219685/alcon-shares-up-11-as-q2-profit-beats-street-view.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved