Cooper Sees Better-Than-Expected Financials
Cooper Companies Incorporated (COO) bared last Thursday better financials than expectations during its first quarter reckoning as demand for different lenses boosted the sales by 11 percent. The contact lens maker headquartered in Pleasanton, California also saw higher earnings outlook for the entire 2012 as it kept its sales forecast unchanged.
Robert Weiss, Cooper CEO said that the company grew top line faster than its markets, investing on its business infrastructure with emphasis on sales, marketing, research and development, and presented double-digit earnings in the process.
Aside from its core business in making contact lenses, Cooper also develops medical and diagnostic products. Its revenue increased by over 10 percent in the past year, largely thanks to the CooperVision division and the Toric, single use sphere and non-single use sphere lenses, which both saw a double-digit growth. Cooper Surgical division, meanwhile, saw its sales boosted by 15 percent.
Revenues from Cooper geographic locations increased as well, with 10 percent growth in America, almost 20 percent growth in Asia Pacific, and 5 percent growth in EMEA. The company’s gross margin also increased to 65 percent from 60 percent in the previous year. Cooper had earnings of about $55 million, translating to $1.12 per share for the quarter, which is a considerable increase from $40 million or $0.83 per share for the same period a year ago.
Cooper stock has closed the week at $81.96, in a close proximity to the all time high of $83.45, recorded in March 2005 and above the recent peak of $81.35, registered in July 2011.