Ocular Sciences shares jump after earnings report
Fri May 9, 2003 02:58 PM ET
CHICAGO, May 9 (Reuters) - Shares in Ocular Sciences Inc. rose nearly 20 percent to a five-month high on Friday, one day after the contact lens maker posted better-than-expected earnings and held an upbeat conference call with analysts.
After the market closed on Thursday, Ocular OCLR.O reported first-quarter earnings of $5.9 million, or 25 cents a share, including special charges, on sales of $70.7 million, which was better than many analysts had forecast.
Suey Wong, an analyst with Robert W. Baird & Co., said sales growth in the quarter, particularly in Europe, coupled with the stock's low valuation relative to its peers, prompted him to upgrade his investment rating on the stock to "outperform," his firm's highest ranking, from "neutral."
Among the products likely to lead growth, he said, are color and bifocal lenses.
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