The Cooper Companies Announces Third Quarter 2017 Results
Published: Sep 01, 2017
PLEASANTON, Calif., Aug. 31, 2017 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal third quarter ended July 31, 2017.
- Third quarter revenue increased 8% year-over-year to $556.0 million. CooperVision (CVI) revenue up 7% to $437.3 million. CooperSurgical (CSI) revenue up 13% to $118.7 million.
- Third quarter GAAP diluted earnings per share (EPS) $2.09, up 30 cents or 17% from last year’s third quarter.
- Third quarter non-GAAP diluted EPS $2.64, up 34 cents or 15% from last year’s third quarter. See “Reconciliation of GAAP Results to Non-GAAP Results” below.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, "This was another solid quarter with market share gains, improving profitability and strong cash generation. I'm very happy with the continuing progress in both our businesses and continue to see a bright future ahead.”
Third Quarter GAAP Operating Results
- Revenue $556.0 million, up 8% from last year’s third quarter, up 7% pro forma (defined as constant currency and including acquisitions in both periods).
- Gross margin 64% compared with 62% in last year’s third quarter. On a non-GAAP basis, gross margin was 65% compared with 64% last year. The gross margin was positively impacted primarily by favorable product mix and currency within CooperVision as well as improved margins at CooperSurgical from successful integration activity.
- Operating margin 20% compared with 20% in last year’s third quarter. On a non-GAAP basis, operating margin was 26% in line with last year.
- Total debt decreased $173.5 million from April 30, 2017, to $1,213.4 million, primarily due to debt paydown from cash flow generation and lower cash balances.
- Cash provided by operations $154.6 million offset by capital expenditures $38.1 million resulted in free cash flow of $116.5 million.
Third Quarter CooperVision (CVI) GAAP Operating Results
- Revenue $437.3 million, up 7% from last year’s third quarter, up 8% in constant currency.