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Cooper Cos. 4Q profit rises 18 percent

Created on Thursday, 08 December 2011 18:20

Category: Earnings

PLEASANTON, Calif. (AP) -- Cooper Cos. said Thursday its profit increased 18 percent in the fiscal fourth quarter as sales of contact lenses improved.

The company's results surpassed Wall Street estimates, and its fiscal 2012 profit forecast was also greater than expected. Its stock climbed $3.94, or 6.8 percent, to $62.10 in aftermarket trading.

Cooper said its profit rose to $56.6 million, or $1.15 per share, in the three months ended Oct. 31. A year earlier it reported a profit of $48.2 million, or $1.03 per share. Excluding charges related to a recall of some Avaira Toric and Avaira Sphere contact lenses and other items, Cooper said its profit came to $1.46 per share. Revenue climbed 15 percent, to $360.9 million from $313.4 million.

Analysts expected the company to post adjusted earnings of $1.21 per share and $358.7 million in revenue, according to FactSet.

The company said revenue at its CooperVision business increased 15 percent to $304 million on greater sales of silicone hydrogel contact lenses. At the CooperSurgical business, revenue rose 14 percent to $56.9 million as sales of office and other equipment improved.

In fiscal 2011, Cooper's profit rose 56 percent, to $175.4 million, or $3.63 per share, from $112.8 million, or $2.43 per share. Revenue grew 15 percent to $1.33 billion from $1.16 billion.

The company forecast a profit of $4.80 to $5 per share for fiscal 2012, and said revenue will be between $1.39 billion and $1.44 billion. The forecast includes $1.17 billion to $1.21 billion in revenue from CooperVision and $215 million to $230 million from the CooperSurgical unit.

Analysts expect Cooper to report a profit of $4.64 per share and $1.41 billion in revenue on average.

The company also said Greg Matz will become its new chief financial officer on Dec. 17. Matz joined the company as CFO of the CooperVision unit in May 2010 and became its vice president in charge of finance in July 2011. In July, Cooper said current CFO Eugene Midlock would retire Dec. 16.

Shares of Cooper slid 45 cents to $58.16 Thursday.

Courtesy Yahoo Financial News

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