Cooper Cos. fiscal 3Q profit surges 81 percent

PLEASANTON, Calif.

Cooper Cos. said Thursday its profit climbed 81 percent in the fiscal third quarter as sales of eye care products improved and costs decreased.

The eye care and surgical product maker said its profit rose to $39.7 million, or 86 cents per share, in the quarter ended July 31. A year ago it reported a profit of $21.9 million, or 48 cents per share. Its revenue increased 4 percent, to $295.6 million from $285.3 million.

Analysts were expecting a profit of 71 cents per share and $295.8 million in revenue, according to a survey by Thomson Reuters.

The company said revenue for the CooperVision business grew 3 percent to $249 million, aided by greater sales of toric lenses and single use sphere lenses. Revenue for the CooperSurgical unit rose 5 percent to $46.6 million because of greater sales of hospital products and other items. Cooper also reported lower sales costs despite its increased revenue.

Cooper raised its adjusted profit forecast for the year and now expects net income of $2.83 per share to $2.91 per share. Previously it called for an adjusted profit of $2.50 to $2.60 per share. The company narrowed its revenue guidance to a range of $1.14 billion to $1.15 billion from $1.11 billion to $1.17 billion.

Analysts expected a profit of $2.57 per share on $1.14 billion in revenue. Cooper's fiscal year ends Oct. 31.

In the fourth quarter the company expects to earn between 82 cents and 90 cents per share on $292 million to $307 million in revenue. Analysts are forecasting 75 cents per share and $295.7 million.

Shares of Cooper rose $1.68, or 4.1 percent, to $42.94 in aftermarket trading. During the day the stock rose 45 cents to close at $41.26.