Thu, Aug 29, 8:20 PM (138 days ago)
For the quarter ended July 31, 2024, The Cooper Companies, Inc. reported net sales of $1,002.8 million, a 7% increase from $930.2 million in the same period last year. Gross profit rose to $663.0 million, maintaining a gross margin of 66%. Operating income improved to $192.5 million, up 27% year-over-year, driven by higher sales across both CooperVision and CooperSurgical segments. Net income also increased to $104.7 million, resulting in diluted earnings per share of $0.52. Cash flow from operating activities was $441.2 million, slightly higher than the prior year. However, cash used in investing activities surged to $523.0 million, primarily due to acquisitions, including a $33.5 million purchase of a fertility company. The company’s total debt increased to $2.6 billion, influenced by new borrowings under the 2024 Revolving Credit Facility. The effective tax rate for the quarter was notably higher at 36.1%, attributed to changes in geographic earnings composition and UK tax rate increases. Looking forward, Cooper Companies faces uncertainties from macroeconomic factors and competition but remains optimistic about growth prospects in the contact lens and healthcare markets.