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.
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