The Cooper Companies (COO) ramped up its adjusted earnings guidance after markets closed on Thursday as it posted better-than-expected results for its fiscal second quarter, supported by rising demand for its contact lenses.
The Pleasanton, Calif.-headquartered manufacturer of medical devices used for vision correction and surgical procedures generated revenue of $654.3 million in the three months ended May 30. This was 4% more than in the prior-year period and broadly in line with the consensus estimate of analysts polled by Capital IQ.
Broken down by business segment CooperVision revenue rose 4% to $484.2 million and CooperSurgical revenue rose 4% to $170.1 million. Within CooperVision, the single biggest revenue generator was from Toric contact lenses, worth $155.3 million, up 3% year-on-year. This was followed by sales of non-single use spheres, worth $143.9 million, up 1% and single-use spheres, $135.3 million, up 9%.
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Adjusted earnings per share rose to $2.94 from $2.86 a year earlier. This smashed analysts’ estimates of $2.77 per share.
“This was another solid quarter as our momentum continued in both CooperVision and CooperSurgical. We are very encouraged by our business trends and believe our strategies will continue to drive success,” Albert White, Cooper’s chief executive officer said.
For the full year, the company said that it is targeting adjusted earnings per share of $12.15 to $12.35, up from prior guidance, released in March, for $11.85 to $12.15.
The company forecast that revenue will come in at $2.63 billion to $2.67 billion in the full year, compared to earlier guidance forecasting full year revenue of $2.63 billion to $2.68 billion.