4 days ago
Cooper Companies raises 2025 profit forecast on contact lens demand
May 29 (Reuters) - Cooper Companies (COO.O), opens new tab raised its annual profit forecast on Thursday, after beating quarterly results estimates, banking on strong demand for its contact lenses.
The company expects annual adjusted profit of $4.05 to $4.11 per share, up from its previous expectations of $3.94 to $4.02 apiece.
Shares of the company, however, were down 4.3% in extended trading.
Cooper narrowed its 2025 revenue outlook to between $4.11 billion and $4.15 billion, from its previous expectations of $4.08 billion to $4.16 billion.
It raised the lower end of the sales forecast for CooperVision, the company's contact lens division, but lowered the upper end of the outlook for its surgical division, which provides a range of fertility and women's care devices.
The California-based company posted total revenue of $1 billion for the quarter ended April 30, beating Wall Street estimates of $995.4 million, according to data compiled by LSEG. The beat was driven by sales in both its contact lens and surgical device businesses.
On an adjusted basis, the company reported a quarterly profit of 96 cents, above analysts' average estimate of 93 cents.
Cooper's results contrast with those of peer Alcon (ALCC.S), opens new tab, which reported first-quarter results below estimates earlier this month.
