The Cooper Companies, Inc. (NYSE:COO) today announced financial
results for the fiscal second quarter ended April 30, 2018.
- Revenue increased 21% year-over-year to $631.3 million.
CooperVision (CVI) revenue up 14% to $467.5 million, and
CooperSurgical (CSI) revenue up 44% to $163.8 million.
- GAAP diluted earnings per share $1.23, down 89 cents or 42%
from last year's second quarter.
- Non-GAAP diluted earnings per share $2.86, up 36 cents or 15%
from last year’s second quarter. See “Reconciliation of GAAP
Results to Non-GAAP Results” below.
Commenting on the results, Albert White, Cooper’s president and
chief executive officer said, "This was a strong quarter with
improving profitability and strong cash flow. CVI posted solid
revenue growth driven by success with its daily silicone hydrogel
lenses and, CSI posted a solid quarter driven by double digit
growth in PARAGARD® and fertility solutions. As we move into
the second half of the year, we are well positioned to continue
posting strong results.”
Second Quarter Operating Results
- Revenue $631.3 million up 21% from last year’s second quarter,
up 5% pro forma (defined as constant currency and including
acquisitions in both periods).
- Gross margin 64% compared with 66% in last year’s second
quarter. Gross margin was negatively impacted primarily by the
previously disclosed acquisition-related inventory step-up
associated with PARAGARD. On a non-GAAP basis, gross margin was 68%
compared with 66% last year.
- Operating margin 12% compared with 22% in last year’s second
quarter. The decrease was primarily the result of the PARAGARD
inventory step-up and an asset impairment charge within
CooperSurgical associated with exiting carrier screening. On a
non-GAAP basis, operating margin was 29% compared with 27%.
- Interest expense increased to $18.7 million compared with $7.7
million in last year's second quarter primarily due to higher debt
and interest rates.
- Total debt increased $81.2 million from January 31, 2018, to
$2,483.7 million primarily due to the acquisition of LifeGlobal and
higher cash balances.
- Cash provided by operations $170.8 million offset by capital
expenditures $46.5 million resulted in free cash flow of
$124.3 million, up 21% year-over-year.
Second Quarter CooperVision (CVI) Operating
Results
- Revenue $467.5 million, up 14% from last year’s second quarter,
up 6% in pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
2Q18 |
|
2Q18 |
|
y/y |
|
y/y |
|
Toric |
$ |
150.8 |
|
|
32 |
% |
|
14 |
% |
|
8 |
% |
|
Multifocal |
49.1 |
|
|
10 |
% |
|
15 |
% |
|
7 |
% |
|
Single-use sphere |
124.4 |
|
|
27 |
% |
|
19 |
% |
|
12 |
% |
|
Non single-use sphere,
other |
143.2 |
|
|
31 |
% |
|
10 |
% |
|
— |
% |
|
Total |
$ |
467.5 |
|
|
100 |
% |
|
14 |
% |
|
6 |
% |
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
2Q18 |
|
2Q18 |
|
y/y |
|
y/y |
|
Americas |
$ |
183.6 |
|
|
39 |
% |
|
7 |
% |
|
6 |
% |
|
EMEA |
183.3 |
|
|
39 |
% |
|
20 |
% |
|
4 |
% |
|
Asia Pacific |
100.6 |
|
|
22 |
% |
|
20 |
% |
|
11 |
% |
|
Total |
$ |
467.5 |
|
|
100 |
% |
|
14 |
% |
|
6 |
% |
- Gross margin 67% compared with 67% in last year’s second
quarter. Gross margin was favorably impacted by product mix
and currency, offset by product transition costs associated with
Avaira. On a non-GAAP basis, gross margin was 68%, compared
with 67% last year.
Second Quarter CooperSurgical (CSI) Operating
Results
- Revenue $163.8 million, up 44% from last year’s second quarter,
up 3% pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
2Q18 |
|
2Q18 |
|
y/y |
|
y/y |
|
Office and surgical
products |
$ |
97.9 |
|
|
60 |
% |
|
86 |
% |
|
6 |
% |
|
Fertility |
65.9 |
|
|
40 |
% |
|
8 |
% |
|
(1 |
)% |
|
Total |
$ |
163.8 |
|
|
100 |
% |
|
44 |
% |
|
3 |
% |
- Gross margin 57% compared with 61% in last year’s second
quarter. Gross margin was negatively impacted primarily by
the acquisition related inventory step-up associated with
PARAGARD. On a non-GAAP basis, gross margin was 71% vs. 62%
last year, driven by the addition of PARAGARD.
Fiscal Year 2018 Guidance
The Company updated its fiscal year 2018 guidance. Details
are summarized as follows:
- Fiscal 2018 total revenue $2,515 - $2,550 million
- CVI revenue $1,870 - $1,890 million
- CSI revenue $645 - $660 million
- Fiscal 2018 non-GAAP diluted earnings per share of $11.70 -
$11.90
Non-GAAP diluted earnings per share guidance excludes impact of
U.S. tax reform, amortization and impairment of intangible assets
and other costs including integration expenses which we may incur
as part of our continuing operations.
With respect to the Company’s guidance expectations, the Company
has not reconciled non-GAAP diluted earnings per share guidance to
GAAP diluted earnings per share due to the inherent difficulty in
forecasting acquisition-related, integration and restructuring
charges and expenses, which are reconciling items between the
non-GAAP and GAAP measure. Due to the unknown effect, timing
and potential significance of such charges and expenses that impact
GAAP diluted earnings per share, the Company is not able to provide
such guidance.
Reconciliation of GAAP Results to Non-GAAP
ResultsTo supplement our financial results and guidance
presented on a GAAP basis, we use non-GAAP measures that we believe
are helpful in understanding our results. The non-GAAP measures
exclude costs which we generally would not have otherwise incurred
in the periods presented as a part of our continuing
operations. Our non-GAAP financial results and guidance are
not meant to be considered in isolation or as a substitute for
comparable GAAP measures and should be read only in conjunction
with our consolidated financial statements prepared in accordance
with GAAP. Management uses supplemental non-GAAP financial
measures internally to understand, manage and evaluate our business
and make operating decisions. These non-GAAP measures are
among the factors management uses in planning and forecasting for
future periods. We believe it is useful for investors to
understand the effects of these items on our consolidated operating
results. Our non-GAAP financial measures may include the
following adjustments, and as appropriate, the related income tax
effects and changes in income attributable to noncontrolling
interests:
- We exclude the effect of amortization and impairment of
intangible assets from our non-GAAP financial results.
Amortization of intangible assets will recur in future periods;
however, the amounts are affected by the timing and size of our
acquisitions. Impairment of intangible assets is a
non-recurring cost.
- We exclude the effect of acquisition and integration expenses
and the effect of restructuring expenses from our non-GAAP
financial results. Such expenses generally diminish over time
with respect to past acquisitions; however, we generally will incur
similar expenses in connection with any future acquisitions. We
incurred significant expenses in connection with our acquisitions
and also incurred certain other operating expenses or income, which
we generally would not have otherwise incurred in the periods
presented as a part of our continuing operations. Acquisition and
integration expenses include items such as personnel costs for
transitional employees, other acquired employee related costs and
integration related professional services. Restructuring
expenses include items such as employee severance, product
rationalization, facility and other exit costs.
- We exclude other exceptional or unusual charges or
expenses. These can be variable and difficult to predict,
such as certain litigation expenses and product transition
costs, and are not what we consider as typical of our continuing
operations. Investors should consider non-GAAP financial measures
in addition to, and not as replacements for, or superior to,
measures of financial performance prepared in accordance with
GAAP.
- We report revenue growth using the non-GAAP financial measure
of pro forma which includes constant currency revenue and revenue
from acquisitions in both periods. Management also presents and
refers to constant currency information so that revenue results may
be evaluated excluding the effect of foreign currency rate
fluctuations. To present this information, current period revenue
for entities reporting in currencies other than the United States
dollar are converted into United States dollars at the average
foreign exchange rates for the corresponding period in the prior
year. To report pro forma revenue growth, we include revenue for
the comparison period when we did not own recently acquired
companies.
- We define the non-GAAP measure of free cash flow as cash
provided by operating activities less capital expenditures.
We believe free cash flow is useful for investors as an additional
measure of liquidity because it represents cash flows that are
available for repayment of debt, repurchases of our common stock or
to fund our strategic initiatives. Management uses free
cash flow internally to understand, manage, make operating
decisions and evaluate our business. In addition, we use free
cash flow to help plan and forecast future periods.
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Results to Non-GAAP Results (In
millions, except per share amounts) (Unaudited) |
|
|
Three Months Ended April 30, |
|
|
2018 |
|
|
|
2018 |
|
2017 |
|
|
|
2017 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
226.8 |
|
|
$ |
(26.8 |
) |
A |
$ |
200.0 |
|
|
$ |
178.5 |
|
|
$ |
(0.7 |
) |
A |
$ |
177.8 |
|
Operating expense excluding amortization and impairment |
|
$ |
268.7 |
|
|
$ |
(17.6 |
) |
B |
$ |
251.1 |
|
|
$ |
210.1 |
|
|
$ |
(5.4 |
) |
B |
$ |
204.7 |
|
Amortization of intangibles |
|
$ |
36.7 |
|
|
$ |
(36.7 |
) |
C |
$ |
— |
|
|
$ |
16.7 |
|
|
$ |
(16.7 |
) |
C |
$ |
— |
|
Impairment of intangibles |
|
$ |
24.4 |
|
|
$ |
(24.4 |
) |
D |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
(Benefit) provision for income taxes |
|
$ |
(6.9 |
) |
|
$ |
24.4 |
|
E |
$ |
17.5 |
|
|
$ |
4.6 |
|
|
$ |
4.1 |
|
E |
$ |
8.7 |
|
Diluted earnings per share attributable to Cooper stockholders |
|
$ |
1.23 |
|
|
$ |
1.63 |
|
|
$ |
2.86 |
|
|
$ |
2.12 |
|
|
$ |
0.38 |
|
|
$ |
2.50 |
|
Weighted average diluted shares used |
|
|
49.6 |
|
|
|
|
|
49.6 |
|
|
|
49.5 |
|
|
|
|
|
49.5 |
|
A |
Fiscal 2018 GAAP cost
of sales includes $26.8 million of costs primarily related to
PARAGARD inventory step-up release, manufacturing start-up, product
transition costs and other integration costs, resulting in fiscal
2018 GAAP gross margin of 64% as compared to fiscal 2018 non-GAAP
gross margins of 68%. Our fiscal 2017 GAAP cost of sales includes
$0.7 million of integration costs in CooperSurgical resulting in
fiscal 2017 GAAP gross margin of 66%, the same as non-GAAP gross
margin of 66%. |
B |
Fiscal 2018 GAAP
operating expense comprised of $17.6 million primarily related to
acquisition and integration activities in CooperSurgical and
CooperVision and compensation costs relating to executives'
retirements. Our fiscal 2017 GAAP operating expense includes $5.4
million in charges primarily related to acquisition and integration
activities in CooperSurgical. |
C |
Amortization expense
was $36.7 million and $16.7 million for the fiscal 2018 and 2017
periods, respectively. Items A, B and C resulted in fiscal 2018
GAAP operating margin of 12% as compared to fiscal 2018 non-GAAP
operating margin of 29%, and fiscal 2017 GAAP operating margin of
22% as compared to fiscal 2017 non-GAAP operating margin of
27%. |
D |
Relates to an
impairment charge of intangible assets associated with carrier
screening acquired from Recombine in CooperSurgical. |
E |
Represents the
increases in the provision for income taxes that arise from the
impact of the above adjustments. |
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP Results to Non-GAAP Results (In
millions, except per share amounts) (Unaudited) |
|
|
Six Months Ended April 30, |
|
|
2018 |
|
|
|
2018 |
|
2017 |
|
|
|
2017 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
445.9 |
|
|
$ |
(54.4 |
) |
A |
$ |
391.5 |
|
|
$ |
365.3 |
|
|
$ |
(2.1 |
) |
A |
$ |
363.2 |
|
Operating expense excluding amortization and impairment |
|
$ |
513.5 |
|
|
$ |
(26.6 |
) |
B |
$ |
486.9 |
|
|
$ |
415.0 |
|
|
$ |
(10.4 |
) |
B |
$ |
404.6 |
|
Amortization of intangibles |
|
$ |
72.7 |
|
|
$ |
(72.7 |
) |
C |
$ |
— |
|
|
$ |
33.4 |
|
|
$ |
(33.4 |
) |
C |
$ |
— |
|
Impairment of intangibles |
|
$ |
24.4 |
|
|
$ |
(24.4 |
) |
D |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Interest Expense |
|
$ |
37.1 |
|
|
$ |
(1.7 |
) |
E |
$ |
35.4 |
|
|
$ |
15.0 |
|
|
$ |
— |
|
|
$ |
15.0 |
|
Other (income) expense, net |
|
$ |
(1.1 |
) |
|
$ |
— |
|
|
$ |
(1.1 |
) |
|
$ |
3.2 |
|
|
$ |
(0.2 |
) |
F |
$ |
3.0 |
|
Provision for income taxes |
|
$ |
190.4 |
|
|
$ |
(162.0 |
) |
G |
$ |
28.4 |
|
|
$ |
8.9 |
|
|
$ |
7.9 |
|
G |
$ |
16.8 |
|
Diluted (loss) earnings per share attributable to Cooper
stockholders |
|
$ |
(1.26 |
) |
|
$ |
6.91 |
|
|
$ |
5.65 |
|
|
$ |
3.65 |
|
|
$ |
0.78 |
|
|
$ |
4.43 |
|
Weighted average diluted shares used |
|
|
49.0 |
|
|
|
|
|
49.6 |
|
|
|
49.5 |
|
|
|
|
|
49.5 |
|
A |
Fiscal 2018 GAAP cost
of sales includes $9.9 million of costs in CooperVision primarily
related to product transition write off costs, incremental costs
associated with the impact of Hurricane Maria and other
manufacturing integration costs; $44.5 million in CooperSurgical
primarily related to PARAGARD inventory step-up release,
manufacturing start-up and other integration costs, resulting in
fiscal 2018 GAAP gross margin of 63%, as compared to fiscal 2018
non-GAAP gross margin of 68%. Our fiscal 2017 GAAP cost of sales
includes $0.6 million of facility start-up costs in CooperVision;
and $1.5 million of integration costs in CooperSurgical resulting
in fiscal 2017 GAAP gross margin of 64%, the same as non-GAAP gross
margin of 64%. |
B |
Fiscal 2018 GAAP
operating expense comprised of $26.6 million in charges primarily
related to acquisition and integration activities in CooperSurgical
and CooperVision and compensation costs related to executives'
retirements. Our fiscal 2017 GAAP operating expense includes $10.4
million in charges primarily related to acquisition and integration
activities in CooperSurgical. |
C |
Amortization expense
was $72.7 million and $33.4 million for the fiscal 2018 and 2017
periods, respectively. Items A, B and C resulted in fiscal
2018 GAAP operating margin of 13% as compared to fiscal 2018
non-GAAP operating margin of 28%, and fiscal 2017 GAAP operating
margin of 20% as compared to fiscal 2017 non-GAAP operating margin
of 25%. |
D |
Relates to an
impairment charge of intangible assets associated with carrier
screening acquired from Recombine in CooperSurgical. |
E |
Fiscal 2018 interest
expense includes $1.7 million of bridge loan termination fees
related to CooperSurgical's PARAGARD acquisition. |
F |
These amounts represent
costs related to debt extinguishment and foreign exchange loss on
forward contracts related to acquisitions. |
G |
Includes a one-time
U.S. tax reform impact of $202.0 million in fiscal 2018 and the
increases in the provision for income taxes that arise from the
impact of the above adjustments. |
Conference Call and WebcastThe Company will
host a conference call today at 5:00 PM ET to discuss its fiscal
second quarter 2018 financial results and current corporate
developments. The live dial-in number for the call is 855-643-4430
(U.S.) / 707-294-1332 (International). The participant passcode for
the call is “Cooper”. A simultaneous webcast of the call will be
available through the "Investor Relations" section of The Cooper
Companies’ website at http://investor.coopercos.com and a
transcript of the call will be archived on this site for a minimum
of 12 months. A recording of the call will be available
beginning at 8:00 PM ET on June 7, 2018 through June 15, 2018. To
hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406
(International) and enter code 266737.
About The Cooper CompaniesThe Cooper Companies,
Inc. ("Cooper") is a global medical device company publicly traded
on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of
Life Company™ with a focus on delivering shareholder value. Cooper
operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of families with its diversified portfolio of
products and services focusing on women’s health, fertility and
diagnostics. Headquartered in Pleasanton, CA, Cooper has more than
11,000 employees with products sold in over 100 countries. For more
information, please visit www.coopercos.com.
Forward-Looking StatementsThis earnings release
contains "forward-looking statements" as defined by the Private
Securities Litigation Reform Act of 1995. Statements relating
to guidance, plans, prospects, goals, strategies, future actions,
events or performance and other statements which are other than
statements of historical fact, including our 2018 Guidance and all
statements regarding acquisitions including the acquired companies’
financial position, market position, product development and
business strategy, expected cost synergies, expected timing and
benefits of the transaction, difficulties in integrating entities
or operations, as well as estimates of our and the acquired
entities’ future expenses, sales and diluted earnings per share are
forward looking. In addition, all statements regarding
anticipated growth in our revenue, anticipated effects of any
product recalls, anticipated market conditions, planned product
launches and expected results of operations and integration of any
acquisition are forward-looking. To identify these statements
look for words like "believes," "expects," "may," "will," "should,"
"could," "seeks," "intends," "plans," "estimates" or "anticipates"
and similar words or phrases. Forward-looking statements
necessarily depend on assumptions, data or methods that may be
incorrect or imprecise and are subject to risks and
uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are: adverse changes in the global or
regional general business, political and economic conditions,
including the impact of continuing uncertainty and instability of
certain countries that could adversely affect our global markets,
and the potential adverse economic impact and related uncertainty
caused by these items, including but not limited to, the United
Kingdom’s election to withdraw from the European Union; changes in
tax laws or their interpretation and changes in statutory tax
rates, including but not limited to, United States and other
countries with proposed changes to tax laws, some of which may
affect our taxation of earnings recognized in foreign jurisdictions
and/or negatively impact our effective tax rate; our existing
indebtedness and associated interest expense, most of which is
variable and impacted by rate increases, which could adversely
affect our financial health or limit our ability to borrow
additional funds; foreign currency exchange rate and interest rate
fluctuations including the risk of fluctuations in the value of
foreign currencies or interest rates that would decrease our
revenues and earnings; acquisition-related adverse effects
including the failure to successfully obtain the anticipated
revenues, margins and earnings benefits of acquisitions,
integration delays or costs and the requirement to record
significant adjustments to the preliminary fair value of assets
acquired and liabilities assumed within the measurement period,
required regulatory approvals for an acquisition not being obtained
or being delayed or subject to conditions that are not anticipated,
adverse impacts of changes to accounting controls and reporting
procedures, contingent liabilities or indemnification obligations,
increased leverage and lack of access to available financing
(including financing for the acquisition or refinancing of debt
owed by us on a timely basis and on reasonable terms); a major
disruption in the operations of our manufacturing, accounting and
financial reporting, research and development, distribution
facilities or raw material supply chain due to integration of
acquisitions, natural disasters, system upgrades or other causes; a
major disruption in the operations of our manufacturing, accounting
and financial reporting, research and development or distribution
facilities due to technological problems, including any related to
our information systems maintenance, enhancements or new system
deployments, integrations or upgrades; disruptions in supplies of
raw materials, particularly components used to manufacture our
silicone hydrogel lenses; new U.S. and foreign government laws and
regulations, and changes in existing laws, regulations and
enforcement guidance, which affect areas of our operations
including, but not limited to, those affecting the health care
industry including the contact lens industry specifically and the
medical device or pharmaceutical industries generally; compliance
costs and potential liability in connection with U.S. and foreign
laws and health care regulations pertaining to privacy and security
of third party information, such as HIPAA in the U.S. and the
pending General Data Protection Regulation requirements which are
to take effect in Europe on May 25, 2018, including but not limited
to those resulting from data security breaches; legal costs,
insurance expenses, settlement costs and the risk of an adverse
decision, prohibitive injunction or settlement related to product
liability, patent infringement or other litigation; limitations on
sales following product introductions due to poor market
acceptance; new competitors, product innovations or technologies,
including but not limited to, technological advances by
competitors, new products and patents attained by competitors, and
competitors' expansion through acquisitions; reduced sales, loss of
customers and costs and expenses related to product recalls and
warning letters; failure to receive, or delays in receiving, U.S.
or foreign regulatory approvals for products; failure of our
customers and end users to obtain adequate coverage and
reimbursement from third party payors for our products and
services; the requirement to provide for a significant liability or
to write off, or accelerate depreciation on, a significant asset,
including goodwill, and idle manufacturing facilities and
equipment; the success of our research and development activities
and other start-up projects; dilution to earnings per share from
acquisitions or issuing stock; changes in accounting principles or
estimates; environmental risks; and other events described in our
Securities and Exchange Commission filings, including the
“Business” and “Risk Factors” sections in the Company’s Annual
Report on Form 10-K for the fiscal year ended October 31, 2017, as
such Risk Factors may be updated in quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets(In
millions)(Unaudited)
|
April 30, 2018 |
|
October 31, 2017 |
ASSETS |
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
164.9 |
|
|
$ |
88.8 |
|
Trade
receivables, net |
432.6 |
|
|
316.6 |
|
Inventories |
504.8 |
|
|
454.1 |
|
Other
current assets |
170.1 |
|
|
93.7 |
|
Total
current assets |
1,272.4 |
|
|
953.2 |
|
Property, plant and
equipment, net |
966.5 |
|
|
910.1 |
|
Goodwill |
2,461.1 |
|
|
2,354.8 |
|
Other intangibles,
net |
1,602.0 |
|
|
504.7 |
|
Deferred tax
assets |
36.7 |
|
|
60.3 |
|
Other assets |
75.7 |
|
|
75.6 |
|
|
$ |
6,414.4 |
|
|
$ |
4,858.7 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current
liabilities: |
|
|
|
Short-term debt |
$ |
41.3 |
|
|
$ |
23.4 |
|
Other
current liabilities |
419.1 |
|
|
372.7 |
|
Total
current liabilities |
460.4 |
|
|
396.1 |
|
Long-term debt |
2,442.4 |
|
|
1,149.3 |
|
Deferred tax
liabilities |
38.0 |
|
|
38.8 |
|
Long-term tax
payable |
176.4 |
|
|
— |
|
Accrued pension
liability and other |
109.2 |
|
|
98.7 |
|
Total
liabilities |
3,226.4 |
|
|
1,682.9 |
|
Stockholders’
equity |
3,188.0 |
|
|
3,175.8 |
|
|
$ |
6,414.4 |
|
|
$ |
4,858.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income (Loss)(In millions,
except per share amounts)(Unaudited)
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
631.3 |
|
|
$ |
522.4 |
|
|
$ |
1,221.3 |
|
|
$ |
1,021.5 |
|
Cost of sales |
226.8 |
|
178.5 |
|
|
445.9 |
|
|
365.3 |
|
Gross profit |
404.5 |
|
343.9 |
|
|
775.4 |
|
|
656.2 |
|
Selling, general and
administrative expense |
247.9 |
|
193.3 |
|
|
473.8 |
|
|
381.9 |
|
Research and
development expense |
20.8 |
|
16.8 |
|
|
39.7 |
|
|
33.1 |
|
Amortization of
intangibles |
36.7 |
|
16.7 |
|
|
72.7 |
|
|
33.4 |
|
Impairment of
intangibles |
24.4 |
|
— |
|
|
24.4 |
|
|
— |
|
Operating income |
74.7 |
|
117.1 |
|
|
164.8 |
|
|
207.8 |
|
Interest expense |
18.7 |
|
7.7 |
|
|
37.1 |
|
|
15.0 |
|
Other expense (income),
net |
2.0 |
|
(0.1 |
) |
|
(1.1 |
) |
|
3.2 |
|
Income before income
taxes |
54.0 |
|
109.5 |
|
|
128.8 |
|
|
189.6 |
|
(Benefit) Provision for
income taxes |
(6.9) |
|
4.6 |
|
|
190.4 |
|
|
8.9 |
|
Net income (loss)
attributable to Cooper stockholders |
$ |
60.9 |
|
$ |
104.9 |
|
|
$ |
(61.6 |
) |
|
$ |
180.7 |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share attributable to Cooper stockholders |
$ |
1.23 |
|
$ |
2.12 |
|
|
$ |
(1.26 |
) |
|
$ |
3.65 |
|
|
|
|
|
|
|
|
|
Number of shares used
to compute diluted earnings (loss) per share
attributable to Cooper stockholders |
49.6 |
|
49.5 |
|
|
49.0 |
|
|
49.5 |
|
COO-E
Source: The Cooper Companies, Inc.
CONTACT:Kim DuncanVice President, Investor
Relationsir@cooperco.com
6140 Stoneridge Mall RoadSuite 590Pleasanton, CA
94588925-460-3663www.coopercos.com
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