NEWS: The Cooper Cos. Inc., a surgical and contact lens products maker, on Thursday reported a drop in its fiscal fourth-quarter net income due to expenses tied to recent sales and acquisitions. The quarter's adjusted results fell short of market expectations and it gave a modest forecast, which sent shares down 5 percent in after-hours trading.
DETAILS: The company was weighed down by $21.1 million in costs for the sale of its Aime contact lens and solution brand in Japan, which it completed in November. It also faced other expenses for its acquisition of Origio, a Danish maker of products used in in-vitro fertilization.
NUMBERS: Cooper's net income fell to $57.4 million, or $1.15 per share, from $71.9 million, or $1.46 per share, last year. On an adjusted basis, it earned $1.48 a share in the latest quarter. Revenue increased 4 percent to $411.9 million.
Analysts polled by FactSet were anticipating adjusted earnings of $1.80 per share on revenue of $422 million.
FUTURE: Cooper said that it expects to earn $6.70 to $7 per share for its current fiscal year on an adjusted basis with revenue between $1.68 billion to $1.74 billion. Analysts were forecasting earnings of $6.99 per share on revenue of $1.71 billion.
STOCK: Shares of the Pleasanton, Calif., company fell $6.73 to $127 in extended trading following the report. Its shares had added $1.85 to close regular trading at $133.73.