UPDATE 1-Cooper Companies beats quarterly estimates on strong contact lenses demand
Cooper Companies, Inc. COO | 0.00 | |
Bausch + Lomb Corporation BLCO | 0.00 |
Adds shares in paragraph 6, adds details throughout
June 4 (Reuters) - Cooper Companies COO.O beat Wall Street estimates for second-quarter profit and revenue on Thursday, helped by sustained demand for its contact lenses.
Contact lens makers, including Cooper and Bausch + Lomb BLCO.TO, are expected to benefit this year from the shift to premium daily disposable lenses and growing global demand for vision correction.
However, the company lowered its annual revenue forecast and kept its profit outlook unchanged.
It expects fiscal 2026 revenue of $4.29 billion to $4.32 billion, compared with its prior forecast of $4.31 billion to $4.35 billion. The company maintained its annual adjusted profit per share forecast of $4.58 to $4.66.
Analysts on average expect 2026 revenue of $4.32 billion and profit of $4.62 per share, according to data compiled by LSEG.
Shares of the San Ramon, California-based company were marginally down in extended trading.
For the second quarter, revenue came at $1.08 billion, above analysts' average estimate of $1.05 billion.
Cooper Vision, its contact lens business, posted second-quarter revenue of $723.5 million, topping estimates of $710.2 million.
The segment's Asia-Pacific revenue fell 6% to $130.6 million from a year ago. Analysts have previously flagged that Asia-Pacific remains an area of focus for contact lens makers after pockets of weakness in the region weighed on the market.
Cooper Surgical, its fertility products and women's health devices unit, generated $358 million in quarterly revenue.
The company also said it had reached agreements to resolve substantially all of the claims related to CooperSurgical's fertility media recall.
Cooper's quarterly adjusted profit of $1.21 per share surpassed estimates of $1.10.
