Cooper Cos beats revenue estimates on strong demand for contact lens
Dec 7 (Reuters) - Cooper Companies Inc beat Wall Street estimates for quarterly revenue on Thursday, driven by strong performance in its contact lens unit.
Shares of the California-based company were up about 1% in after-market trading.
The company posted total revenue of $927.1 million for the fourth quarter ended Oct. 31, above analysts' estimates of $924.8 million, according to LSEG data.
CooperVision, the company's largest division that sells contact lens, reported sales of $622.9 million. Analysts on average had expected $621.1 million.
Last month, Cooper's peer Swiss eye-care company Alcon reported third-quarter sales that were slightly below expectations dragged by inflation and negative currency effects, and narrowed its full-year outlook.
Cooper expects fiscal 2024 revenue of $3.81 to $3.88 billion, the mid-point of which is below estimates of $3.86 billion.
Sales from the company's surgical division rose 6% to $304.2 million in the quarter, above estimates of $303.7 million. The unit provides a range of fertility and women's care devices.
On an adjusted basis, the medical device maker reported a profit of $3.47 per share for the August-to-October quarter, narrowly missing analysts' estimate of $3.48 per share, according to LSEG data. (Reporting by Christy Santhosh in Bengaluru; Editing by Shailesh Kuber)
