Cooper Cos. 1Q net income rises 37 percent
PLEASANTON, Calif. (AP) — The Cooper Cos. said Thursday that net income rose 37 percent in its fiscal first quarter on an insurance payment and better sales of contact lenses.
The contact lens and surgical tools maker said its results included an insurance payment of about $14 million related to damage to one of its U.K. manufacturing facilities in October 2011. Revenue from its contact lens business rose 12 percent, with most of the growth coming from improved sales of silicone hydrogel lenses. Revenue from the smaller surgical tools unit grew 37 percent. However sales were not as strong as analysts expected.
Cooper earned $74.7 million, or $1.50 per share, over the three months ended Jan. 31. Excluding the insurance payment, net income totaled $1.23 per share. A year ago Cooper reported a profit of $54.6 million, or $1.12 per share.
Revenue rose 16 percent to $379.8 million. CooperVision revenue increased by 12 percent to $301.4 million, and CooperSurgical totaled $78.4 million, up 37 percent.
Analysts expected net income of $1.19 per share on $366.3 million in total revenue, according to FactSet.
The company forecast adjusted net income of $5.95 to $6.10 per share in fiscal 2013 and said revenue will be $1.58 billion to $1.63 billion. Previously Cooper forecast net income of $5.90 to $6.10 per share on $1.57 billion to $1.63 billion in revenue. The company raised the low end of its sales forecast for CooperVision by $10 million, saying revenue for that business will be at least $1.26 billion.
Cooper shares fell $2.80, or 2.7 percent, to $101.90 in aftermarket trading. The stock lost 85 cents to close at $104.70 in the regular session.