Alcon Inc Down 6.07% To $70.22 After Earnings Miss

Wednesday, November 15, 2023 - Alcon Inc (ALC) reported downside earnings and revenues today.

Alcon Inc's earnings came in at an EPS of $0.66 per share, 1% lower than estimates for an EPS of $0.67 per share. The firm's earnings are up 32% since reporting $0.5 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were downbeat at $2.3 billion. That is an increase of 8.43% in revenues from the year-ago report and is 2.00% lower than consensus estimates set at $2.4 billion.

The stock is down 6.07% to $70.22 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Alcon Inc has performed a little above average during the past few months. Before the report, Alcon Inc received a Long-Term Technical Rank by InvestorsObserver of 62, putting it in the top half of stocks. The firm set a 52-week high on July 27, 2023 at $86.2 and set a 52-week low on November 15, 2022 at $62.72.

Alcon, headquartered in Fort Worth, Texas, is the global eyecare leader with a diverse portfolio in ophthalmology including contact lenses, eye drops, surgical equipment, and related surgical products. Novartis purchased Alcon from Nestle in 2010 and, following nine years as a Novartis subsidiary, the company was spun-off as a public company in April 2019. The company reports five distinct segments: implantables (16% of revenue), consumables (31%), equipment (9%), contact lenses (27%), and ocular health (17%). The company is geographically diversified, with only about 40% of revenue from the U.S. market, and the firm has a strong presence in the European Union and Japan.