PLEASANTON, Calif., June 01, 2017 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal second quarter ended April 30, 2017.
- Second quarter revenue increased 8% year-over-year to $522.4 million. CooperVision (CVI) revenue up 4% to $408.5 million. CooperSurgical (CSI) revenue up 23% to $113.9 million.
- Second quarter GAAP diluted earnings per share (EPS) $2.12, up 60 cents or 39% from last year’s second quarter.
- Second quarter non-GAAP diluted EPS $2.50, up 45 cents or 22% from last year’s second 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, “I am pleased to report another strong quarter. CVI grew faster than the market across all geographies driven by success with its silicone hydrogel products and CSI also posted a solid quarter led by its fertility business. As we move into the second half of the fiscal year, we believe we are well positioned to continue posting strong results.”
Second Quarter GAAP Operating Results
- Revenue $522.4 million, up 8% from last year’s second quarter, up 6% pro forma (defined as constant currency and including acquisitions in both periods).
- Gross margin 66% compared with 62% in last year’s second quarter. On a non-GAAP basis, gross margin was 66% compared with 63% last year. The gross margin was positively impacted primarily by favorable currency and product mix within CooperVision led by Biofinity®.
- Operating margin 22% compared with 19% in last year’s second quarter. On a non-GAAP basis, operating margin was 27% vs. 24% last year. The increase was the result of gross margin improvements.
- Total debt decreased $37.6 million from January 31, 2017, to $1,386.9 million, primarily due to operational cash flow generation and subsequent debt pay down.
- Cash provided by operations $131.6 million offset by capital expenditures $28.5 million resulted in free cash flow of $103.1 million.
Second Quarter CooperVision (CVI) GAAP Operating Results
- Revenue $408.5 million, up 4% from last year’s second quarter, up 7% in constant currency.
