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The Cooper Companies Inc. (NYSE:COO) reported net income above Wall Street’s expectations for the first quarter. Cooper Companies develops, manufactures, and markets healthcare products, primarily medical devices through its two business units: CooperVision and CooperSurgical.
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The Cooper Companies Earnings Cheat Sheet for the First Quarter
Results: Net income for The Cooper Companies Inc. rose to $54.6 million ($1.12 per share) vs. $39.2 million (83 cents per share) in the same quarter a year earlier. This marks a rise of 39.3% from the year-earlier quarter.
Revenue: Rose 11.2% to $326.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Cooper Companies Inc. beat the mean analyst estimate of $1.03 per share. It beat the average revenue estimate of $317.1 million.
Quoting Management: Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer, said, “We are pleased with our performance in the first quarter. Our strategy remains the same and our execution is illustrated in the numbers. We grew top line faster than our markets, we invested in our infrastructure with a focus on sales and marketing and research and development, and we posted double-digit earnings growth.”
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 14.1%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 18.9% from the year earlier quarter.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 25 cents in the fourth quarter of the last fiscal year, by 7 cents in the third quarter of the last fiscal year, and by 9 cents in the second quarter of the last fiscal year.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $1.16 per share, up from $1.11 ninety days ago. The average estimate for the fiscal year is $4.95 per share, a rise from $4.61 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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