Allergan reports strong 2nd-qtr figures but still plan to cut 1,500 jobs worldwide

Botox maker Allergan (AGN: NYSE) has reported its second quarter 2014 operating results while also announcing that it will cut 1,500 jobs worldwide in a bid to improve value for stockholders. The company's shares edged uo 1.9% to $170.70 in mid-mrning trading.

Total product net sales stood at $1.8 billion, which marks an increase of 15.9% compared to the second quarter of 2013. Core medical devices made up the area of business with the most improved sales, going up 25.8% on the second quarter of 2013. Net earnings for the period stand at $417.2 billion, which is roughly similar to the same period last year.

The company’s diluted earnings per share were $1.37, compared to $1.17 (up 17.1%) for the same period last year. Non-generally-accepted accounting primciples (GAAP) diluted earnings per share attributable to stockholders were $1.51 this quarter, compared to $1.22, an increase of 23.8%. Both earnings and revenue exceeded analysts' expectations, according to FactSet. Analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter. The consensus revenue estimate was $1.77 billion.