This article is from SRN News
(Reuters) – Cooper Companies missed Wall Street estimates for first-quarter revenue on Thursday, due to lower-than-expected demand for its contact lenses, sending its shares down 6% in extended trade.
CooperVision, the company’s contact lens division, reported quarterly sales of $646.1 million, missing analysts’ average estimate of $651.3 million, according to data compiled by LSEG.
Sales of the company’s surgical division, which provides a range of fertility and women’s care devices, rose 3% to $318.6 million in the quarter but remained below estimates of $326.1 million.
The results contrast with those of peer Alcon, which last month forecast sales in line with expectations after reporting higher fourth-quarter revenue underpinned by its surgical division.
In January, Cooper said it had softer sales for its products in the first couple of weeks of November, caused by inventory destocking.
Cooper posted total revenue of $964.7 million, for the quarter ended January 31, missing analysts’ estimates of $978.1 billion.
It reiterated its 2025 revenue forecast of between $4.08 billion and $4.16 billion.
The company raised the lower end of its 2025 adjusted profit per share to $3.94 from $3.92, keeping the upper end at $4.02.
On an adjusted basis, Cooper reported a profit of 92 cents for the quarter, slightly above analysts’ expectations of 91 cents.
(Reporting by Puyaan Singh in Bengaluru; Editing by Mohammed Safi Shamsi)
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