Tuesday, January 31, 2023
HomeMarketCooper Cos. sales forecast squeaks past estimates

Cooper Cos. sales forecast squeaks past estimates

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Medical-products maker Cooper Cos.
COO,
+1.54%
on Thursday forecast sales for the year ahead that were above expectations, helped by what management said were “share gains in contact lenses and fertility,” even though its profit forecast came up short. The company – which makes contact lenses, along with equipment used in fertility clinics and medical offices – forecast full-year fiscal 2023 sales of between $3.455 billion and $3.515 billion and adjusted earnings per share of $12.30 to $12.60. The sales outlook was slightly above FactSet forecasts for $3.452 billion, but the profit outlook was below estimates for adjusted earnings of $13.10 a share. Shares were unchanged after hours. Cooper reported fourth-quarter net income of $65.6 million, or $1.32 a share, down from $110.3 million, or $2.21 a share, in the same quarter last year. Sales rose 12% to $848.1 million, compared with $759.1 million in the prior-year quarter. Adjusted for some expenses and taxes, Cooper earned $2.75 a share, down 16% from the company’s fourth quarter last year. Analysts polled by FactSet expected adjusted earnings per share of $3.11, on revenue of $838.7 million.

Credit: marketwatch.com

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