The Cooper Companies (COO) Beats Q4 Earnings Estimates
Zacks Investment Research | Dec 08, 2016 09:55PM ET
The Cooper Companies Inc. (NYSE:COO) reported adjusted earnings of $2.28 in fourth-quarter 2016, surpassing the Zacks Consensus Estimate by 4 cents and improving 14% on a year-over-year basis. We believe that the upside was driven by robust revenue growth.
Share Price Trends
Shares of this Pleasanton, CA-based medical device company have had an impressive run on the bourse over the past one year. Year to date, The Cooper Companies gained 25.48%, well ahead of the Zacks categorized Medical/Dental-Supplies sub-industry's negative return of 10.42% and S&P 500’s return of 9.9%.
However, post earnings release, shares witnessed a nominal decline of almost 0.3% to close at $167.80 .
Business Details
Revenues increased 14% year over year (up 10% at constant exchange rate or CER, including acquisitions in both periods) to $518.7 million, crushing the Zacks Consensus Estimate of $505 million.
Coming to the full-year results, The Cooper Companies reported revenues of $1,966.8 million, up 9% on a year-over-year basis. In fact, adjusted earnings of $8.44 per share surpassed the year-ago figure by a notable 13%.
CooperVision Segment
CooperVision (CVI) revenues increased 10% to $411.7 million (up 11% at CER) on year over year.
Coming to the major growth catalysts within the CVI segment, robust performance by Toric (31% of CVI revenues), Multifocal (10% of CVI revenues) and Single-use sphere lenses (27% of CVI revenues) propelled solid growth.
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