Santa Ana-based Advanced Medical Optics Inc. on Thursday upped its profit outlook for 2006 and next year, thanks to a share buyback and debt retirement.
The maker of contact lens solutions and eye surgical devices now said it could earn up to $151 million this year, 4% more than previously estimated.
The news sent Advanced Medical’s shares up 5% on Thursday.
The company also upped its profit outlook for 2007 by 6% to as much as $179 million.
Advanced Medical said it sees sales for 2006 of $1.02 billion to $1.04 billion, as previously expected. It also reaffirmed its 2007 sales outlook of $1.1 billion to $1.12 billion.
Buying back some $500 million worth of its stock and paying off $100 million in debt prompted the profit revision. Advanced Medical recently offered $450 million in new debt.
