Allergan Says Strong Sales Boost 3rd-Quarter Profits : The Irvine pharmaceuticals manufacturer also cites favorable overseas exchange rates as a factor.
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IRVINE — Citing favorable exchange rates in its overseas markets and strong pharmaceutical sales, Allergan Inc. said Monday that its quarterly sales and earnings jumped.
The company, which manufactures and distributes eye- and skin-care products worldwide, said earnings for the third quarter were $30.4 million, or 45 cents a share. That contrasted with a loss of $121.6 million, or $1.80 a share, for 1991’s third quarter.
The loss was because of a onetime charge of $150 million when the company announced that it would sell its U.S. contact lens business. The sale has not been finalized yet. Excluding the write-off, the company would have posted a profit of $27 million, or 5 cents a share, for the period last year.
Sales for the latest quarter were $229 million, up 9% from $210 million for the same period last year.
For the first nine months of the year, the company reported a profit of $73.6 million, or $1.09 a share. That contrasted with a loss of $87.4 million, or $1.30 a share, for the same period in 1991. Excluding the third-quarter charge-off last year, earnings increased 20%.
Sales for the latest nine-month period were $660 million, up 7% from $612 million.
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