The Cooper Cos. reported a 37 percent increase in first-quarter profit, driven in part by increased sales of its contact lenses.
The California-based firm includes CooperVision Inc., which has a local operation.
The company, which reported after markets closed Thursday, posted net income of $74.7 million, or $1.50 a share, versus a profit of $54.6 million, or $1.12 a share, a year ago. Excluding an insurance payment of some $14 million, net income in the most recent quarter totaled $1.23 a share.
Sales rose 16 percent to $379.8 million. CooperVision revenue increased 12 percent to $301.4 million.
CooperVision ranked fifth on the most recent Rochester Business Journal list of optics and imaging firms with 1,181 local workers.
The company also raised its fiscal 2013 forecast; it now expects net income of $5.95 to $6.95 a share on sales of $1.58 billion to $1.63 billion. That is up from previous estimates of net income of $5.90 to $6.10 a share on sales of $1.57 billion to $1.63 billion.
In addition, Cooper raised the low end of its sales forecast for CooperVision, saying the business will log sales of at least $1.26 billion, up $10 million from a previous estimate.
Shares of Cooper (NYSE:COO) were trading midday at $109.30, up 4 percent from Thursday’s close of $104.70.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.