Home / Industry / Health Care / Cooper shares fall after profit drops

Cooper shares fall after profit drops

Shares of Cooper Cos. Inc. stock sank some 3.5 percent by midday Friday after the company posted a double-digit drop in first-quarter profit.

Cooper Cos. reported net income of $20.4 million, or 44 cents a share diluted, on revenues of $260.3 million. A year ago, the company posted earnings of $23.9 million, or 53 cents a share. Revenues were up 4 percent from $251.1 million.

Excluding charges, which included $2.3 million for restructuring in 2009, the company reported earning 49 cents a share. Analysts expected Cooper to earn 52 cents a share on revenue of $262.2 million, Thomson Reuters reports.

The company, which has its headquarters in Pleasanton, Calif., operates CooperVision Inc. locally. The contact lens division employs some 1,300 at manufacturing and warehouse facilities in Monroe County. The firm also has a surgical products division.

The contact lens unit contributed $215.9 million to the company’s first-quarter revenues, up 2 percent.

“We are pleased with our performance in the first quarter,” Cooper Cos. chairman and CEO Robert Weiss said in a statement. “We enjoyed solid revenue growth (and) CooperVision products continue to gain traction.”

Late Friday morning, Cooper Cos. shares (NYSE: COO) were trading at $38.57, down $1.59.

(c) 2010 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.


Check Also

YMCA President and CEO George Romell talks to Schottlands and others at construction site.

New Pittsford Y receives $3.5 million donation (access required)

  The YMCA of Greater Rochester has received a $3.5 million capital donation, the largest single donation in its 164-year ...

Howie Hawkins at Rochester press conference on Thursday, Sept. 20.

Green Party gubernatorial candidate Howie Hawkins visits Rochester (access required)

Green Party gubernatorial candidate Howie Hawkins has billed himself as Plan B for progressives, following the defeat of Sex and ...