Cooper Companies Reports a ‘Solid Quarter’ With a 4 Percent Sales Increase in Q2

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PLEASANTON, Calif.—The Cooper Companies (NYSE: COO) reported Thursday that revenue increased 4 percent year-over-year (and 7 percent on a pro forma basis) to $654.3 million in the company’s second quarter, with a similar 4 percent increase for the CooperVision (CVI) business segment ($484.2 million revenue). CooperSurgical (CSI) revenue also rose 4 percent to $170.1 million in the quarter. The company also reported that it achieved an operating margin of 22 percent in the quarter ended April 30, which compared with 12 percent in last year’s second quarter.

On a non-GAAP basis, the operating margin was 27 percent compared with 29 percent last year, with the decline “driven primarily by the negative impact of currency along with higher company-wide investments in selling and marketing,” the announcement noted.

Cash provided by operations in the second quarter totaled $214.8 million, the company noted.

“This was another solid quarter as our momentum continued in both CooperVision and CooperSurgical,” president and chief executive officer Albert White said in the announcement. “We are very encouraged by our business trends and believe our strategies will continue to drive success.”

In the CooperVision segment, sales of toric lenses rose 3 percent in the second quarter to $155.3 million, while single-use sphere lenses achieved a 9 percent sales increase, to $135.3 million. Sales of multifocal lenses increased 1 percent to $49.7 million, while sales of non single-use sphere lenses rose 1 percent to $143.9 million in the quarter.

Cooper also updated its fiscal year 2019 guidance, with total revenue expected to fall in the $2.633 billion to $2.667 billion range, and CooperVision revenue to fall in the $1.964 billion to $1.985 billion range.