Alcon Stock Surges 9% Following Q1 Results

Shares of Alcon (NYSE:ALC) surged more than 9% in pre-market today after the eye care products manufacturer reported Q1 earnings that exceeded expectations and raised its 2024 guidance.

The company announced a first-quarter core diluted earnings per share (EPS) of $0.78, which beat the consensus estimate of $0.73. The company also reported Total Vision Care net sales of $1.11 billion and a core operating margin of 22.0%, an increase from 20.6% in the same period last year.

While revenue for the quarter was $2.44 billion, marking a 4.8% increase year-over-year, it fell slightly short of the consensus estimate of $2.46 billion.

Looking forward, Alcon has raised its net sales growth forecast for 2024 to 7% to 9%, up from the previously expected 6% to 8%. Additionally, the company adjusted its projection for core diluted EPS growth in 2024 to 13% to 16% year-over-year, compared to the earlier forecast of 15% to 18%.