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Cooper Cos. shares drop after Q4 earnings miss

Rochester Business Journal
December 6, 2013

Shares of Cooper Cos. Inc. stock sank some 6 percent by midday Friday after the company’s fiscal fourth-quarter adjusted earnings missed expectations.

The California-based company is the parent of Perinton-based CooperVision Inc., which has 1,084 employees in the Rochester region.

CooperVision logged revenues of $327.1 million in the fourth quarter, up 3 percent, or 6 percent in constant currency. For the year, CooperVision revenues climbed 7 percent, to $1.27 billion.

Cooper Cos. stock (NYSE: COO) mid-afternoon was trading at $125.58, down $8.15 a share. The company reported its results after the market closed Thursday.

Cooper Cos. reported adjusted earnings attributable to Cooper stockholders of $1.48, up a penny or 1 percent, a year ago.

Analysts polled by Thomson Reuters had anticipated adjusted earnings of $1.80 a share on revenue of $422 million, AP reported.

Cooper Cos. logged revenues of $411.9 million, up 4 percent. Its net income for the quarter was $57.4 million, or $1.15 a share, down 31 cents, or 21 percent.

For the year, Cooper Cos. posted adjusted earnings per share of $5.95, up 15 percent from fiscal 2012. Fiscal 2013 revenue increased 10 percent to $1.59 billion.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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