Cooper Companies Misses Q2 Estimates

reported weaker-than-expected results for its fiscal second quarter on Thursday. The Pleasanton, California-based company posted quarterly net income of $60.7 million, or $1.23 per share, compared to $79.2 million, or $1.62 per share, in the year-ago quarter. Excluding one-time items, the company earned $1.72 per share. Its revenue climbed 5 percent year-over-year to $434.7 million. However, analysts were expecting earnings of $1.76 per share on revenue of $453.21 million. The average estimate among 8 Estimize users was for earnings of $1.77 per share and revenue of $453.59 million. CooperVision revenue gained 9 percent to $359.6 million in the quarter, while CooperSurgical revenue slipped 8 percent to $75.1 million. Its gross margin narrowed to 62 percent from 65 percent last year, while operating margin shrank to 16 percent from 22 percent. Robert S. Weiss, Cooper's president and chief executive officer said, "We are very pleased with our continued market share gains at CooperVision. During the second quarter, we made great progress with our launch of clariti(R) in the United States and we made significant strides on the integration of the Sauflon business. We remain confident we are well positioned to accelerate growth in the back half of this year and into fiscal 2016." For the full year, Cooper Companies now projects earnings of $7.40 to $7.70 per share, on revenue of $1.82 billion to $1.86 billion. Cooper Companies shares slipped 0.07 percent to $180.14 in after-hours trading.