Cooper Cos. 2Q income rises on contact lens sales

Cooper Cos. 2nd-quarter income grows 37 percent on hydrogel lens and fertility product sales

Associated Press

PLEASANTON, Calif. (AP) -- Eye care and surgical products maker Cooper Cos. said Thursday its net income grew 37 percent in its fiscal second quarter on double-digit sales growth.

Cooper said total revenue rose 12 percent during the quarter. Sales from its eye care business improved 7 percent on greater silicone hydrogel contact lens sales, and revenue from its smaller surgical division climbed 32 percent on growth in fertility clinic product sales. The company's adjusted net income surpassed Wall Street expectations.

Cooper shares picked up $2.13 to $113.13 during regular trading and advanced $2.87, or 2.5 percent, to $116 in after-hours trading.

Cooper's net income totaled $75.1 million, or $1.52 per share, for the three months ended April 30. A year ago the company earned from $54.9 million, or $1.12 per share, in the same period. Revenue increased to $384 million from $344.6 million. That included $309.3 million from CooperVision and $74.7 million from CooperSurgical.

Analysts were expecting net income of $1.38 per share and $389.4 million in revenue, according to FactSet.

Last week Cooper said it agreed to sell its Asahikasei Aime business to Nippon Contact Lens Inc. It did not disclose terms of the deal, but said Aime had about $33 million in revenue in its last fiscal year. Cooper expects the sale to close during the fiscal fourth quarter and said its full-year earnings will take a hit of 25 cents to 35 cents per share connected to the sale.

Excluding those charges and other one-time items, Cooper now expects to report $6.15 to $6.25 per share in profit and $1.58 billion to $1.61 billion in revenue in the current fiscal year. Previously Cooper projected adjusted income of $5.95 to $6.10 per share on $1.58 billion to $1.63 billion in revenue.

Analysts expected $6.05 per share in income and $1.61 billion in revenue, on average.

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