The Cooper Companies, Inc (COO) has reported a 64.97 percent jump in profit for the quarter ended Oct. 31, 2016. The company has earned $60.51 million, or $1.23 a share in the quarter, compared with $36.68 million, or $0.75 a share for the same period last year. On an adjusted basis, earnings per share were at $2.28 for the quarter compared with $2 in the same period last year.
Revenue during the quarter grew 13.86 percent to $518.65 million from $455.54 million in the previous year period. Gross margin for the quarter expanded 146 basis points over the previous year period to 57.07 percent. Total expenses were 85.70 percent of quarterly revenues, down from 90.72 percent for the same period last year. This has led to an improvement of 503 basis points in operating margin to 14.30 percent.
Operating income for the quarter was $74.18 million, compared with $42.25 million in the previous year period.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, “I am pleased to report record revenue and free cash flow for the year. We accomplished this through market share gains, a successful push into the 1-Day silicone hydrogel space, growth in our Biofinity franchise and very strong year in our CooperSurgical business. We enter fiscal 2017 with momentum and are well positioned for sustained growth in each of our businesses going forward.”
For the first-quarter, Cooper Companies forecasts revenue to be in the range of $494 million to $508 million. Cooper Companies forecasts revenue to be in the range of $2,090 million to $2,130 million for fiscal year 2017. On an adjusted basis, the company expects diluted earnings per share to be in the range of $1.78 to $1.88 for the first-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $9 to $9.30 on adjusted basis.
Working capital increases sharply
The Cooper Companies, Inc has recorded an increase in the working capital over the last year. It stood at $398 million as at Oct. 31, 2016, up 45.98 percent or $125.36 million from $272.65 million on Oct. 31, 2015. Current ratio was at 1.74 as on Oct. 31, 2016, up from 1.48 on Oct. 31, 2015.
Debt comes down marginally
The Cooper Companies, Inc has recorded a decline in total debt over the last one year. It stood at $1,333.77 million as on Oct. 31, 2016, down 1.14 percent or $15.44 million from $1,349.21 million on Oct. 31, 2015. Total debt was 29.80 percent of total assets as on Oct. 31, 2016, compared with 30.25 percent on Oct. 31, 2015. Debt to equity ratio was at 0.49 as on Oct. 31, 2016, down from 0.50 as on Oct. 31, 2015. Interest coverage ratio improved to 13.94 for the quarter from 8.84 for the same period last year.
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