Another Tear for Bausch & Lomb

It guides to the low end of sales expectations for 2006 and 2007.
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Bausch & Lomb (BOL) sank 7% after the struggling eyecare company warned of further sales weakness.

The Rochester, N.Y., company, which was hit earlier this year by the withdrawal of its Renu With MoistureLoc product after the lens cleaner was linked to a string of fungal infections in the U.S. and Asia, said it expects third-quarter sales of $577 million. That's up from $567 million a year earlier but shy of the $587 million Wall Street estimate.

The company said it hasn't calculated third-quarter taxes amid a continuing restatement. But it expects pretax income, before minority interests, for the quarter to fall to $17 million from $51 million a year earlier.

Bausch & Lomb said 2007 sales will come in at the low end of previous guidance of between $2.5 billion and $2.625 billion. The company also told regulators it won't file its third-quarter financials on time.

Shares fell $3.38 to $47.77.