Cooper Companies cuts annual profit forecast on weak contact lens demand
COO•CooperVision results and inventory pressure
CooperVision, the company's contact lens business, reported third-quarter revenue of $717 million for the period ended July 31, down from $723.5 million in the previous quarter.
A reduction in U.S. channel inventory weighed on results and is expected to continue affecting the next quarter.
Annual forecast cut on softer contact lens demand
Sept. 9 (Reuters) - Cooper Companies lowered its annual profit forecast on Wednesday and posted third-quarter revenue below Wall Street estimates, as weak demand for its contact lenses weighed on sales.
Shares of the San Roman, California-based company fell about 15% in extended trading.
Here are more details:
- Cooper now expects annual adjusted profit per share of $4.51 to $4.55, compared with its prior forecast of $4.58 to $4.66.
- The company also trimmed its forecast for fiscal 2026 revenue to a range of $4.23 billion to $4.25 billion, from its prior view of $4.29 billion to $4.32 billion.
- Analysts on average expect 2026 revenue of $4.31 billion and profit of $4.63 per share, according to data compiled by LSEG.
- Cooper completed a strategic review that included evaluating a potential sale of its CooperSurgical unit, but its board unanimously decided to retain the business.
