CooperCompanies (NYSE: COO) today announced financial results for
its fiscal third quarter ended July 31, 2021.
- Revenue increased 32% year-over-year
to $763.4 million. CooperVision (CVI) revenue up 24% to $557.5
million, and CooperSurgical (CSI) revenue up 60% to $205.9
million.
- GAAP diluted earnings per share
$12.37, up $11.25 from last year's third quarter.
- Non-GAAP diluted earnings per share $3.41, up $1.13 or 50% from
last year's third quarter. See "Reconciliation of Selected GAAP
Results to Non-GAAP Results" below.
Commenting on the results, Al White, Cooper's President and CEO
said, "I am pleased to report another strong quarter with record
revenues at both CooperVision and CooperSurgical driving record
earnings and robust free cash flow. Our businesses continue to
execute at a very high level and we look forward to continued
success driven by our daily silicone hydrogel portfolio, our
success within myopia management and continuing strength in
fertility."
Third Quarter Operating Results
- Revenue of $763.4 million, up 32%
from last year’s third quarter, up 28% in constant currency.
- Gross margin of 68% compared with
62% in last year’s third quarter. On a non-GAAP basis, gross margin
was 68%, up from 66% last year driven primarily by favorable
product mix.
- Operating margin of 13% compared
with 12% in last year’s third quarter. On a non-GAAP basis,
operating margin was 27%, up from 23% last year driven by higher
gross margin and operating expense leverage.
- Interest expense of $5.6 million
compared with $5.7 million in last year's third quarter.
- Net debt outstanding at quarter end
was $1,507.8 million (total debt of $1,620.0 million less
quarter-end cash and cash equivalents of $112.2 million). Adjusted
leverage ratio (net debt over adjusted EBITDA) of 1.52x.
- Cash provided by operations of $223.8 million offset by capital
expenditures of $43.6 million resulted in free cash flow of $180.2
million.
Third Quarter CooperVision (CVI) Operating
Results
- Revenue of $557.5 million, up 24%
from last year’s third quarter, up 20% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
3Q21 |
|
3Q21 |
|
y/y |
|
y/y |
|
Toric |
$ |
181.0 |
|
32% |
|
23% |
|
19% |
|
Multifocal |
|
61.6 |
|
11% |
|
31% |
|
26% |
|
Single-use sphere |
|
159.3 |
|
29% |
|
26% |
|
21% |
|
Non single-use sphere,
other |
|
155.6 |
|
28% |
|
21% |
|
17% |
|
Total |
$ |
557.5 |
|
100% |
|
24% |
|
20% |
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
3Q21 |
|
3Q21 |
|
y/y |
|
y/y |
|
Americas |
$ |
206.3 |
|
37% |
|
17% |
|
16% |
|
EMEA |
|
222.6 |
|
40% |
|
34% |
|
24% |
|
Asia Pacific |
|
128.6 |
|
23% |
|
20% |
|
18% |
|
Total |
$ |
557.5 |
|
100% |
|
24% |
|
20% |
Third Quarter CooperSurgical (CSI) Operating
Results
- Revenue of $205.9 million, up 60%
from last year's third quarter, up 58% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
3Q21 |
|
3Q21 |
|
y/y |
|
y/y |
|
Office and surgical products |
$ |
122.5 |
|
59% |
|
50% |
|
50% |
|
Fertility |
|
83.4 |
|
41% |
|
77% |
|
72% |
|
Total |
$ |
205.9 |
|
100% |
|
60% |
|
58% |
Fiscal Year 2021 Financial Guidance
We continue to monitor and evaluate the scope, duration and
impact of the ongoing COVID-19 pandemic on our operations and
financial results. While we still view resurgences as a significant
risk factor to our outlook, we have updated our fiscal year 2021
financial guidance. Details are summarized as follows:
- Fiscal 2021 total revenue $2,893-
$2,923 million (16% to 18% constant currency)
- CVI revenue $2,127 - $2,147 million
(12% to 13% constant currency)
- CSI revenue $766 - $776 million (29%
to 31% constant currency)
- Fiscal 2021 non-GAAP diluted EPS
$13.20 - $13.40
- Fiscal fourth quarter 2021 total
revenue $730 - $760 million (7% to 11% constant currency)
- CVI revenue $540 - $560 million (6%
to 10% constant currency)
- CSI revenue $190 - $200 million (9%
to 14% constant currency)
- Fiscal fourth quarter 2021 non-GAAP
diluted EPS $3.24 - $3.44
Non-GAAP diluted earnings per share guidance excludes
amortization and impairment of intangible assets, and other
exceptional or unusual income or gains and charges or expenses
including acquisition, integration and manufacturing related costs
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 Selected GAAP Results to Non-GAAP
Results
To 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 direct effects of
acquisition accounting, such as inventory fair value step-up and
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 and gains or income. These can be
variable and difficult to predict, such as COVID related charges,
certain litigation expenses, changes in fair value of contingent
considerations, and product transition costs, that 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 constant currency 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.
- 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 that is available to grow the business, make
strategic acquisitions, repay debt, buyback common stock or to fund
dividend payments. 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.
- We define the non-GAAP measure of
net debt as total debt less cash and cash equivalents. We believe
net debt is useful for investors to be helpful in evaluating our
financial leverage. Management uses net debt as a measure of our
financial leverage. Net debt should not be considered as an
alternative to debt determined in accordance with GAAP and should
be reviewed in conjunction with our consolidated condensed balance
sheets.
- We exclude unrealized and realized
gains and losses on our minority investments as we do not believe
that these components of income or expense have a direct
correlation to our ongoing operations.
- We exclude the effects of non-cash
deferred tax assets related to intra-group transfer of
non-inventory assets.
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESReconciliation of Selected GAAP
Results to Non-GAAP Results(In millions, except
per share amounts)(Unaudited) |
|
|
Three Months Ended July 31, |
|
|
2021 |
|
|
|
2021 |
|
2020 |
|
|
|
2020 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
247.3 |
|
|
$ |
(5.1 |
) |
|
A |
$ |
242.2 |
|
|
$ |
217.4 |
|
|
$ |
(22.4 |
) |
|
A |
$ |
195.0 |
|
Operating
expense excluding amortization |
|
$ |
377.3 |
|
|
$ |
(59.1 |
) |
|
B |
$ |
318.2 |
|
|
$ |
254.6 |
|
|
$ |
(5.4 |
) |
|
B |
$ |
249.2 |
|
Amortization of intangibles |
|
$ |
38.2 |
|
|
$ |
(38.2 |
) |
|
C |
$ |
— |
|
|
$ |
34.2 |
|
|
$ |
(34.2 |
) |
|
C |
$ |
— |
|
Other
expense (income), net |
|
$ |
1.0 |
|
|
$ |
0.2 |
|
|
D |
$ |
1.2 |
|
|
$ |
(0.1 |
) |
|
$ |
(2.6 |
) |
|
D |
$ |
(2.7 |
) |
Provision
for income taxes |
|
$ |
(521.8 |
) |
|
$ |
548.2 |
|
|
E |
$ |
26.4 |
|
|
$ |
11.2 |
|
|
$ |
7.2 |
|
|
E |
$ |
18.4 |
|
Diluted
earnings per share |
|
$ |
12.37 |
|
|
$ |
(8.96 |
) |
|
|
$ |
3.41 |
|
|
$ |
1.12 |
|
|
$ |
1.16 |
|
|
|
$ |
2.28 |
|
Weighted average diluted shares used |
|
$ |
49.8 |
|
|
|
|
$ |
49.8 |
|
|
$ |
49.5 |
|
|
|
|
$ |
49.5 |
|
A |
Fiscal 2021 GAAP cost of sales includes $5.1 million of costs
related to integration activity, resulting in fiscal 2021 GAAP
gross margin of 68%, comparable to fiscal 2021 non-GAAP gross
margin of 68%. Fiscal 2020 GAAP cost of sales includes $22.4
million of costs primarily related to COVID-19, resulting in fiscal
2020 GAAP gross margin of 62% as compared to fiscal 2020 non-GAAP
gross margin of 66%. |
|
|
B |
Fiscal 2021 GAAP operating
expense includes $59.1 million of costs, comprised of $56.8 million
of costs related to the increase in fair value of contingent
considerations and costs related to acquisition and integration
activity. Fiscal 2020 GAAP operating expense comprised of $5.4
million primarily related to CooperSurgical's integration
activities and European Medical Devices Regulation (MDR)
implementation costs. |
|
|
C |
Amortization expense was $38.2
million and $34.2 million for the fiscal 2021 and 2020 periods,
respectively. Items A, B, and C resulted in fiscal 2021 GAAP
operating margin of 13% as compared to fiscal 2021 non-GAAP
operating margin of 27%, and fiscal 2020 GAAP operating margin of
12% as compared to fiscal 2020 non-GAAP operating margin of
23%. |
|
|
D |
Fiscal 2021 and 2020 other
expense (income), net primarily includes $0.1 million and $2.6
million of gains and losses on minority investments,
respectively. |
|
|
E |
For fiscal 2021, an income tax
benefit of $517.7 million was excluded related to remeasurement of
deferred tax assets caused by the UK enactment of a 25% corporate
tax rate and is primarily related to deferred tax assets recognized
from intra-group intangible asset transfers. An income tax benefit
of $30.5 million was also excluded primarily from the above
adjustments. For fiscal 2020, $7.2 million represents the change in
the provision for income taxes that arise primarily from the above
adjustments. |
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESReconciliation of Selected GAAP
Results to Non-GAAP Results(In millions, except
per share amounts)(Unaudited) |
|
|
Nine Months Ended July 31, |
|
|
2021 |
|
|
|
2021 |
|
2020 |
|
|
2020 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
709.5 |
|
|
$ |
(19.1 |
) |
|
A |
$ |
690.4 |
|
|
$ |
638.5 |
|
$ |
(52.9 |
) |
|
A |
$ |
585.6 |
|
Operating
expense excluding amortization |
|
$ |
966.6 |
|
|
$ |
(72.3 |
) |
|
B |
$ |
894.3 |
|
|
$ |
796.1 |
|
$ |
(19.6 |
) |
|
B |
$ |
776.5 |
|
Amortization of intangibles |
|
$ |
110.0 |
|
|
$ |
(110.0 |
) |
|
C |
$ |
— |
|
|
$ |
103.0 |
|
$ |
(103.0 |
) |
|
C |
$ |
— |
|
Interest
expense |
|
$ |
18.1 |
|
|
$ |
— |
|
|
|
$ |
18.1 |
|
|
$ |
30.1 |
|
$ |
(4.0 |
) |
|
D |
$ |
26.1 |
|
Other
expense (income), net |
|
$ |
(10.7 |
) |
|
$ |
11.9 |
|
|
E |
$ |
1.2 |
|
|
$ |
8.8 |
|
$ |
(6.9 |
) |
|
E |
$ |
1.9 |
|
Provision
for income taxes |
|
$ |
(2,464.5 |
) |
|
$ |
2,528.8 |
|
|
F |
$ |
64.3 |
|
|
$ |
15.6 |
|
$ |
22.3 |
|
|
F |
$ |
37.9 |
|
Diluted
earnings per share |
|
$ |
57.01 |
|
|
$ |
(47.05 |
) |
|
|
$ |
9.96 |
|
|
$ |
3.17 |
|
$ |
3.31 |
|
|
|
$ |
6.48 |
|
Weighted average diluted shares used |
|
$ |
49.7 |
|
|
|
|
$ |
49.7 |
|
|
$ |
49.6 |
|
|
|
$ |
49.6 |
|
A |
Fiscal 2021 GAAP cost of sales includes $19.1 million of costs
primarily related to integration and other manufacturing related
costs, resulting in fiscal 2021 GAAP gross margin of 67% as
compared to fiscal 2021 non-GAAP gross margin of 68%. Fiscal 2020
GAAP cost of sales includes $52.9 million of costs primarily
related to COVID-19 and other manufacturing related costs,
resulting in fiscal 2020 GAAP gross margin of 63% as compared to
fiscal 2020 non-GAAP gross margin of 67%. |
|
|
B |
Fiscal 2021 GAAP operating
expense includes $72.3 million of costs, primarily comprised of
$56.8 million of costs related to the increase in fair value of
contingent considerations and costs related to acquisition and
integration activity and legal settlements. Fiscal 2020 GAAP
operating expense comprised of $19.6 million primarily related to
CooperSurgical's integration activities and European Medical
Devices Regulation (MDR) implementation costs. |
|
|
C |
Amortization expense was $110.0
million and $103.0 million for the fiscal 2021 and 2020 periods,
respectively. Items A, B, and C resulted in fiscal 2021 GAAP
operating margin of 17% as compared to fiscal 2021 non-GAAP
operating margin of 27%, and fiscal 2020 GAAP operating margin of
12% as compared to fiscal 2020 non-GAAP operating margin of
22%. |
|
|
D |
Fiscal 2020 interest expense
includes $4.0 million pertaining to the write off of debt issuance
costs related to the repayment and refinancing of the 2016
revolving credit facility and 2017 Term Loan. |
|
|
E |
Fiscal 2021 other expense
(income), net primarily consists of an $11.6 million gain due to
CooperVision's acquisition of all of the remaining equity interest
of a privately-held medical device company in January 2021. Fiscal
2020 other expense (income), net includes $6.9 million of losses on
minority investments. |
|
|
F |
For fiscal 2021, an income tax
benefit of $2,471.7 million was excluded related to the recognition
of a deferred tax asset that resulted from an intra-group transfer
of intellectual property and goodwill to a UK subsidiary in the
first quarter of fiscal 2021 and remeasurement of this deferred tax
asset caused by the UK enactment of a 25% corporate tax rate in the
third quarter of fiscal 2021. An income tax benefit of $57.1
million was also excluded primarily from the above adjustments. For
fiscal 2020, $22.3 million represents the change in the provision
for income taxes that arise primarily from the above
adjustments. |
Conference Call and Webcast
The Company will host a conference call today at 5:00 PM ET to
discuss its fiscal third quarter 2021 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 CooperCompanies 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 September 2, 2021 through September 9, 2021.
To hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406
(International) and enter code 266737.
About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company
publicly traded on the NYSE (NYSE: COO). 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 women, babies and families
with its diversified portfolio of products and services focusing on
medical devices and fertility solutions. Headquartered in San
Ramon, Calif., Cooper has a workforce of more than 12,000 with
products sold in over 100 countries. For more information, please
visit www.coopercos.com.
Forward-Looking Statements
This 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 of which are other than statements of historical fact,
including our Fiscal 2021 Guidance and all statements regarding the
expected impact of the ongoing COVID-19 pandemic on our business
are forward looking. In addition, all statements regarding
anticipated growth in our net sales and anticipated market
conditions, planned product launches and expected results of
operations are forward-looking. To identify these statements look
for words like "believes," "outlook," "probable," "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: the effects of the ongoing COVID-19
pandemic and related economic disruptions and new governmental
regulations on our business, results of operations, cash flow and
financial condition, including but not limited to the potential
impact on our sales, operations and supply chain; 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 ongoing COVID-19 pandemic, and escalating global
trade barriers including additional tariffs, by countries such as
China; changes in tax laws or their interpretation and changes in
statutory tax rates, including but not limited to, the U.S., the
United Kingdom and other countries may affect our taxation of
earnings recognized in foreign jurisdictions and/or negatively
impact our effective tax rate; 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 net sales and earnings; our existing and future
variable rate indebtedness and associated interest expense is
impacted by rate increases, which could adversely affect our
financial health or limit our ability to borrow additional funds;
acquisition-related adverse effects including the failure to
successfully obtain the anticipated net sales, 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); adverse changes in global political and
economic conditions, and related uncertainty caused by the United
Kingdom's (UK) withdrawal from the European Union (EU) and its
potential impact on, among other things, the movement of goods and
materials in our supply chain, additional regulatory approvals and
requirements, and increased tariffs and duties; compliance costs
and potential liability in connection with U.S. and foreign laws
and health care regulations pertaining to privacy and security of
personal information, such as HIPAA and the California Consumer
Privacy Act (CCPA) in the U.S. and the General Data Protection
Regulation requirements in Europe, including but not limited to
those resulting from data security breaches; 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 the ongoing COVID-19 pandemic,
integration of acquisitions, man-made or natural disasters,
cybersecurity incidents 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; market consolidation of large customers
globally through mergers or acquisitions resulting in a larger
proportion or concentration of our business being derived from
fewer customers; 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, including but not limited to the EU Medical
Devices Regulation (MDR), and the EU In Vitro Diagnostic Medical
Devices Regulation (IVDR); 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, 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, other intangible assets 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; impact and
costs incurred from changes in accounting standards and policies;
environmental risks, including increasing environmental legislation
and the broader impacts of climate change; and other events
described in our Securities and Exchange Commission filings,
including the “Business”, “Risk Factors” and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections in the Company’s Annual Report on Form 10-K
for the fiscal year ended October 31, 2020, 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.
Contact:
Kim DuncanVice President, Investor Relations and Risk
Management925-460-3663ir@cooperco.com
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets(In
millions)(Unaudited)
|
July 31, 2021 |
|
October 31, 2020 |
ASSETS |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
112.2 |
|
|
$ |
115.9 |
|
Trade receivables, net |
535.1 |
|
|
435.4 |
|
Inventories |
587.9 |
|
|
570.4 |
|
Other current assets |
151.3 |
|
|
152.5 |
|
Assets held-for-sale |
88.1 |
|
|
— |
|
Total current assets |
1,474.6 |
|
|
1,274.2 |
|
Property, plant and equipment,
net |
1,314.3 |
|
|
1,281.9 |
|
Operating lease right-of-use
assets |
256.3 |
|
|
260.2 |
|
Goodwill |
2,585.2 |
|
|
2,447.3 |
|
Other intangibles, net |
1,308.1 |
|
|
1,289.0 |
|
Deferred tax assets |
2,554.9 |
|
|
80.1 |
|
Other assets |
117.2 |
|
|
104.8 |
|
Total assets |
$ |
9,610.6 |
|
|
$ |
6,737.5 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
Short-term debt |
$ |
440.1 |
|
|
$ |
409.3 |
|
Other current liabilities |
621.5 |
|
|
595.1 |
|
Liabilities held-for-sale |
1.6 |
|
|
— |
|
Total current liabilities |
1,063.2 |
|
|
1,004.4 |
|
Long-term debt |
1,179.9 |
|
|
1,383.9 |
|
Deferred tax liabilities |
28.8 |
|
|
25.8 |
|
Long-term tax payable |
139.6 |
|
|
162.0 |
|
Operating lease liabilities |
236.7 |
|
|
236.8 |
|
Accrued pension liability and
other |
177.0 |
|
|
99.8 |
|
Total liabilities |
2,825.2 |
|
|
2,912.7 |
|
Stockholders’ equity |
6,785.4 |
|
|
3,824.8 |
|
Total liabilities and stockholders' equity |
$ |
9,610.6 |
|
|
$ |
6,737.5 |
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income(In millions, except
per share amounts)(Unaudited)
|
Three Months Ended July 31, |
|
Nine Months Ended July 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
763.4 |
|
|
$ |
578.2 |
|
|
$ |
2,163.4 |
|
|
$ |
1,749.3 |
|
Cost of sales |
247.3 |
|
|
217.4 |
|
|
709.5 |
|
|
638.5 |
|
Gross profit |
516.1 |
|
|
360.8 |
|
|
1,453.9 |
|
|
1,110.8 |
|
Selling, general and
administrative expense |
352.5 |
|
|
232.8 |
|
|
899.6 |
|
|
728.3 |
|
Research and development
expense |
24.8 |
|
|
21.8 |
|
|
67.0 |
|
|
67.8 |
|
Amortization of
intangibles |
38.2 |
|
|
34.2 |
|
|
110.0 |
|
|
103.0 |
|
Operating income |
100.6 |
|
|
72.0 |
|
|
377.3 |
|
|
211.7 |
|
Interest expense |
5.6 |
|
|
5.7 |
|
|
18.1 |
|
|
30.1 |
|
Other expense (income),
net |
1.0 |
|
|
(0.1 |
) |
|
(10.7 |
) |
|
8.8 |
|
Income before income
taxes |
94.0 |
|
|
66.4 |
|
|
369.9 |
|
|
172.8 |
|
Provision for income
taxes |
(521.8 |
) |
|
11.2 |
|
|
(2,464.5 |
) |
|
15.6 |
|
Net income |
$ |
615.8 |
|
|
$ |
55.2 |
|
|
$ |
2,834.4 |
|
|
$ |
157.2 |
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted |
$ |
12.37 |
|
|
$ |
1.12 |
|
|
$ |
57.01 |
|
|
$ |
3.17 |
|
|
|
|
|
|
|
|
|
Number of shares used to
compute diluted earnings per share |
49.8 |
|
|
49.5 |
|
|
49.7 |
|
|
49.6 |
|
Cooper Companies (NYSE:COO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cooper Companies (NYSE:COO)
Historical Stock Chart
From Sep 2023 to Sep 2024