The Cooper Companies, Inc. (COO) has reported 41.57 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $104.90 million, or $2.12 a share in the quarter, compared with $74.10 million, or $1.52 a share for the same period last year. On an adjusted basis, earnings per share were at $2.50 for the quarter compared with $2.05 in the same period last year.
Revenue during the quarter grew 7.98 percent to $522.40 million from $483.80 million in the previous year period. Gross margin for the quarter expanded 413 basis points over the previous year period to 65.83 percent. Total expenses were 77.58 percent of quarterly revenues, down from 81.44 percent for the same period last year. This has led to an improvement of 385 basis points in operating margin to 22.42 percent.
Operating income for the quarter was $117.10 million, compared with $89.80 million in the previous year period.
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."
For financial year 2017, Cooper Companies projects revenue to be in the range of $2,110 million to $2,135 million. The company forecasts diluted earnings per share to be in the range of $9.50 to $9.65 on adjusted basis.
Working capital increases marginally
The Cooper Companies, Inc. has recorded an increase in the working capital over the last year. It stood at $615.10 million as at Apr. 30, 2017, up 3.75 percent or $22.21 million from $592.89 million on Apr. 30, 2016. Current ratio was at 2.79 as on Apr. 30, 2017, down from 2.84 on Apr. 30, 2016. Days sales outstanding went down to 27 days for the quarter compared with 28 days for the same period last year.
Days inventory outstanding has increased to 109 days for the quarter compared with 105 days for the previous year period.
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