Bausch & Lomb
warned this morning it expects fourth-quarter earnings and revenue to be "modestly lower" than previously estimated due to weaker-than-expected sales in the company's U.S. refractive surgery business.
The company also plans to lay off 800 workers in a restructuring,
The Rochester, N.Y., eye health care company said it expects earnings of 69 cents to 71 cents a share, excluding accounting charges and events, compared with 88 cents in the same period last year. According to
First Call/Thomson Financial
, 15 analysts expected the company to earn 73 cents in the fourth quarter.
Bausch, which said it has experienced a slowdown in purchases of capital equipment for refractive surgery, projected fourth-quarter revenue of about $460 million, compared with $466.6 million a year ago. Analysts on average called for fourth-quarter revenue of $473.9 million.
The company said future costs will trim its earnings per share by 6 to 7 cents in 2001. Excluding restructuring charges, it expects 2001 earnings of $2.35 and $2.40 a share, compared with $2.26 a share a year ago. First Call analysts produced a consensus estimate of $2.59 a share.
Shares of Bausch closed at $39 in trading on the
New York Stock Exchange