CooperCompanies Q3 Revenue Jumps 8%

By Tamara Parker • Thursday, August 29 06:03 • Permanent Link

CooperCompanies (NASDAQ: COO) has announced its financial results for the fiscal third quarter ending July 31, 2024. The company reported a revenue increase of 8% year-over-year to $1,002.8 million. Specifically, CooperVision (CVI) revenue was up 7% to $675.6 million, while Coopersurgical (CSI) revenue increased by 9% to $327.2 million.

The GAAP diluted earnings per share (EPS) stood at $0.52, indicating a significant increase of $0.09 or 22% from the same period last year. Furthermore, the non-GAAP diluted EPS was reported at $0.96, marking an increase of $0.12 or 14% from the prior year's third quarter.

The company's operating results for the third quarter also demonstrated notable growth. The gross margin was reported at 66%, consistent with the previous year's third quarter. On a non-GAAP basis, the gross margin improved to 67%, up from 66% in the prior year. Additionally, the operating margin increased to 19% from 16% in the same period last year. On a non-GAAP basis, the operating margin was 26%, compared to 24% in the prior year.

CooperVision's revenue saw a 7% increase to $675.6 million, with notable growth across different categories and geographies. Coopersurgical achieved a 9% increase in revenue to $327.2 million, with organic growth of 5%.

Looking ahead, the company has raised its fiscal year 2024 financial guidance. It now expects total revenue for fiscal 2024 to range from $3,892 million to $3,913 million, reflecting organic growth of 8% to 8.5%. Additionally, CooperCompanies provided guidance for the fiscal fourth quarter of 2024, with projected total revenue between $1,015 million and $1,036 million, and non-GAAP diluted EPS in the range of $0.98 to $1.01.

These financial results showcase the company's strong performance and its successful execution of its growth strategy. CooperCompanies is optimistic about its position for continued success in the future. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $94.54. Check out the company's full 8-K submission here.

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