Cooper Profit Tops Estimate; Weak Q4 Guidance, Again Cuts FY Sales Outlook

(RTTNews) - Medical device maker Cooper Cos Inc (COO) on Thursday reported third-quarter net earnings of $45 million or $0.91 per share compared with $88.1 million or $1.80 per share last year.

Excluding items, adjusted earnings for the quarter were $1.97 per share compared with $2.00 per share a year ago.

Revenues for the quarter were up 7% at $461.7 million compared with $432.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.95 per share on revenues of $464.1 million for the quarter. Analysts' estimates typically exclude special items.

Among segments, CooperVision revenue was up 10% from last year, while CooperSurgical revenue fell 8%.

The company's gross margin fell to 59% from 65% last year, and operating margin dropped to 11% from 22%.

For the fourth quarter, the company expects adjusted earnings of $2.07 to $2.17 per share on revenues of $467 million to $484 million. Analysts expect earnings of $2.13 per share on revenues of $494.7 million.

For the full year 2015, the company now expects adjusted earnings of $7.51 to $7.61 per share on revenues of $1.81 billion to $1.83 billion. Earlier it expected earnings of $7.40 to $7.70 per share per share on revenues of $1.82 billion to $1.86 billion.

Analysts expect earnings of $7.56 per share on revenues of $1.84 billion for the year.