Alcon 3Q profit down 18 percent without tax gain

Alcon profit falls from year-ago period helped by tax benefit, but still beats estimates

• On 4:04 pm EDT, Wednesday October 28, 2009

NEW YORK (AP) -- Eye drug maker Alcon Inc. said Wednesday its profit fell 18 percent in the third quarter compared with a year ago, when it received a large tax benefit.

Alcon's profit slipped to $515 million, or $1.71 per share, from $627 million, or $2.07 per share, in the year-ago period, which included a $178 million tax gain.

Revenue rose 6 percent, to $1.61 billion from $1.52 billion, due to greater drug and surgical product revenue.

Thomson Reuters says analysts were expecting a profit of $1.45 per share and $1.54 billion in revenue.

The Swiss company said surgical product revenue grew 7 percent to $739 million, and pharmaceutical revenue rose 8 percent to $659 million. Consumer eye care product revenue fell 3 percent to $216 million.

Alcon raised its adjusted profit forecast for the full year, which excludes one-time costs and benefits, to a range of $6.60 to $6.70 per share. Three months ago, it expected $6.25 to $6.40 per share.

Analysts are expecting $6.72 per share, on average.