Cooper Companies forecasts lower-than-expected annual revenue, shares fall

The Cooper Companies

05/12/2024 22:45

Dec 5 (Reuters) - Cooper Companies  COO.O  on Thursday
forecast its annual revenue below Wall Street expectations,
after marginally missing estimates for quarterly revenue due to
softer demand for contact lenses, sending its shares down 4.6%
after the bell.
    The contact lens maker expects its 2025 revenue to be in the
range of $4.08 billion to $4.16 billion, which is below
analysts' average estimate of $4.19 billion, according to data
compiled by LSEG.
    The company saw some softness in mid-October, which carried
over into the beginning of November, CEO Al White said in a call
with analysts. 
    There was some softness in the U.S. market as well as in
countries such as China, he added.
        Peer Alcon  ALCC.S  cut its 2024 forecasts last month,
after it faced pressure in its vision care division due to
declines in contact lens care in international markets.
    Cooper reported quarterly revenue of $1.02 billion, compared
with estimates of $1.03 billion.
    CooperVision, the company's contact lens division, reported
fourth-quarter sales of $676.4 million, while analysts on
average were expecting $682.73 million.
    Sales at the company's surgical division, which provides a
range of fertility and women's care devices, rose 12% to $342
million in the quarter, but fell short of the estimates of
$346.16 million.
    Cooper expects its annual adjusted profit per share to be
between $3.92 and $4.02, compared with estimates of $4.06.
    On an adjusted basis, the company reported a quarterly
profit of $1.04 per share, beating expectations of $1.

 (Reporting by Sriparna Roy in Bengaluru; Editing by Shreya
Biswas)
 ((Sriparna.Roy@thomsonreuters.com;))