Bausch & Lomb's (NYSE:BOL) preliminary third-quarter results were blemished by some creative accounting from one of the company's subsidiaries. However, the fallout from the accounting irregularity is not likely to be huge. Looking past that problem, Bausch & Lomb remains on track, with growing revenue and increasing profitability.

The eye-care-products giant indicated that third-quarter sales rose 7% year over year to $588.7 million. Earnings, on the other hand, took a big plunge. Earnings in accordance with generally accepted accounting principles (GAAP) were $17.9 million, which works out to be $0.32 per share on a diluted basis, compared with $43.3 million, or EPS of $0.79, last year. The biggest dampener on the bottom line was a $19.6 million ($0.35 per share) charge that Bausch & Lomb will take related to the improper accounting procedures by a Brazilian subsidiary.

Results were also affected by charges associated with repatriating $805 million in offshore profits. Excluding that charge as well as other items, the company would have earned $57.1 million, or $1.02 per share, in the quarter.

Bausch & Lomb's top-line uptick resulted from especially strong performance in the contact lens and pharmaceuticals segments, which saw revenues increase 10% and 12% net of currency impacts, respectively. All three of the company's geographic regions experienced solid gains, although Asia experienced the most robust growth at 8% (also net of currency impacts). Revenue expansion in that region should accelerate in the coming year, since the company recently completed its purchase of Shanghai-based ophthalmic pharmaceutical firm Shandong Chia Tai Freda Pharmaceutical Group.

As for profitability, Bausch & Lomb is also looking good. Gross margin in the quarter hit 60%, compared with 57.8% in the same period last year. Adding back $25.8 million in charges to cover the Brazil issue (charges were $17.2 million on an after-tax basis; a 33% tax rate yields $25.8 million) and the sale of a contact lens business, operating margin likewise improved, with a 2.6% increase against the same quarter last year.

Bausch & Lomb has plenty of competition from the likes of Alcon (NYSE:ACL) and Novartis (NYSE:NVS). But growth across the company's business lines, improving profitability, and wise geographic positioning would indicate that Bausch & Lomb is a solid competitor that deserves a closer look from investors.

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Fool contributor Brian Gorman is a freelance writer in Chicago. He does not own shares of any companies mentioned in this article.