CooperCompanies (NYSE: COO) today announced financial results for
the fiscal third quarter ended July 31, 2019.
- Revenue increased 3% year-over-year to $679.4 million.
CooperVision (CVI) revenue up 4% to $509.1 million, and
CooperSurgical (CSI) revenue consistent with last year at $170.3
million.
- GAAP diluted earnings per share $2.40, up 18.1% from last
year's third quarter.
- Non-GAAP diluted earnings per share $3.23, up 23 cents or 7.8%
from last year’s third 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, "I am pleased to report another
strong quarter for the company with solid revenues and earnings.
These results were driven by our market leading products and strong
operational execution. Our businesses continue to perform
well and we believe we are well positioned to continue posting
strong results."
Third Quarter Operating Results
- Revenue $679.4 million up 3% from last year’s third quarter, up
5% pro forma.
- Gross margin 66% compared with 65% in last year’s third
quarter. On a non-GAAP basis, gross margin was 67%, the same as
last year's third quarter.
- Operating margin 21% compared with 18% in last year’s third
quarter as a result of operating expense leverage. On a non-GAAP
basis, operating margin was 28%, the same as last year's third
quarter.
- Interest expense $16.7 million compared with $22.8 million in
last year's third quarter primarily due to lower average debt.
- Total debt outstanding at the end of the quarter was $1,812.6
million. The Company ended the quarter with cash and cash
equivalents of $112.7 million and an adjusted leverage ratio (net
debt over adjusted EBITDA) of 1.83 times.
- Cash provided by operations $196.7 million offset by capital
expenditures $75.4 million resulted in free cash flow of $121.3
million.
Third Quarter CooperVision (CVI) Operating
Results
- Revenue $509.1 million, up 4% from last year’s third quarter,
up 6% pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
3Q19 |
|
3Q19 |
|
y/y |
|
y/y |
|
Toric |
$ |
163.1 |
|
|
32 |
% |
|
6 |
% |
|
8 |
% |
|
Multifocal |
52.4 |
|
|
10 |
% |
|
(1 |
)% |
|
2 |
% |
|
Single-use sphere |
146.3 |
|
|
29 |
% |
|
6 |
% |
|
9 |
% |
|
Non single-use sphere,
other |
147.3 |
|
|
29 |
% |
|
1 |
% |
|
2 |
% |
|
Total |
$ |
509.1 |
|
|
100 |
% |
|
4 |
% |
|
6 |
% |
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
3Q19 |
|
3Q19 |
|
y/y |
|
y/y |
|
Americas |
$ |
195.0 |
|
|
38 |
% |
|
6 |
% |
|
5 |
% |
|
EMEA |
196.0 |
|
|
39 |
% |
|
(2 |
)% |
|
3 |
% |
|
Asia Pacific |
118.1 |
|
|
23 |
% |
|
12 |
% |
|
13 |
% |
|
Total |
$ |
509.1 |
|
|
100 |
% |
|
4 |
% |
|
6 |
% |
- Gross margin 65% compared with 66% in last year’s third
quarter. On a non-GAAP basis, gross margin was 66%, the same as
last year's third quarter.
Third Quarter CooperSurgical (CSI) Operating
Results
- Revenue $170.3 million, consistent with last year’s third
quarter, up 2% pro forma.
- Revenue by category:
|
|
|
|
|
|
|
|
Pro forma |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
3Q19 |
|
3Q19 |
|
y/y |
|
y/y |
|
Office and surgical products |
$ |
106.3 |
|
|
62 |
% |
|
2 |
% |
|
— |
% |
|
Fertility |
64.0 |
|
|
38 |
% |
|
(4 |
)% |
|
5 |
% |
|
Total |
$ |
170.3 |
|
|
100 |
% |
|
— |
% |
|
2 |
% |
- Gross margin 71% compared with 62% in last year’s third quarter
due primarily to the negative impact of the PARAGARD® inventory
step-up charges in the prior year. On a non-GAAP basis, gross
margin was 72%, the same as last year's third quarter.
Fiscal Year 2019 GuidanceThe Company updated
its fiscal year 2019 guidance. Details are summarized as
follows:
- Fiscal 2019 total revenue $2,635 - $2,655 million (6% to 7% pro
forma) - CVI revenue $1,966 - $1,976 million (7% to 8% pro
forma) - CSI revenue $669 - $679 million (4% to 6% pro
forma)
- Fiscal 2019 non-GAAP diluted earnings per share of $12.27 -
$12.35
- Fiscal fourth quarter 2019 total revenue $674 - $694 million
(5% to 8% pro forma) - CVI revenue $503 - $513 million (6% to
8% pro forma) - CSI revenue $171 - $181 million (1% to 7% pro
forma)
- Fiscal fourth quarter 2019 non-GAAP diluted earnings per share
$3.22 - $3.30
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 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 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 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 and excludes CooperSurgical product line exits 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.
- 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 July 31, |
|
|
2019 |
|
|
|
2019 |
|
2018 |
|
|
|
2018 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
228.7 |
|
|
$ |
(6.6 |
) |
A |
$ |
222.1 |
|
|
$ |
233.2 |
|
|
$ |
(18.2 |
) |
A |
$ |
215.0 |
|
Operating
expense excluding amortization |
|
$ |
271.3 |
|
|
$ |
(6.8 |
) |
B |
$ |
264.5 |
|
|
$ |
273.5 |
|
|
$ |
(12.3 |
) |
B |
$ |
261.2 |
|
Amortization of intangibles |
|
$ |
37.2 |
|
|
$ |
(37.2 |
) |
C |
$ |
— |
|
|
$ |
37.7 |
|
|
$ |
(37.7 |
) |
C |
$ |
— |
|
Provision
(benefit) for income taxes |
|
$ |
6.9 |
|
|
$ |
8.8 |
|
D |
$ |
15.7 |
|
|
$ |
(10.4 |
) |
|
$ |
20.2 |
|
D |
$ |
9.8 |
|
Diluted
earnings per share |
|
$ |
2.40 |
|
|
$ |
0.83 |
|
|
$ |
3.23 |
|
|
$ |
2.03 |
|
|
$ |
0.97 |
|
|
$ |
3.00 |
|
Weighted average diluted shares used |
|
|
50.1 |
|
|
|
|
|
50.1 |
|
|
|
49.7 |
|
|
|
|
|
49.7 |
|
A |
Fiscal 2019 GAAP cost of sales includes $6.6 million of costs
primarily related to integration and other manufacturing related
costs, resulting in fiscal 2019 GAAP gross margin of 66% as
compared to fiscal 2019 non-GAAP gross margins of 67%. Fiscal 2018
GAAP cost of sales includes $18.2 million of costs primarily
related to PARAGARD inventory step-up release and other integration
costs, resulting in fiscal 2018 GAAP gross margin of 65% as
compared to fiscal 2018 non-GAAP gross margins of 67%. |
B |
Fiscal 2019 GAAP operating
expense comprised of $6.8 million primarily related to integration
activities in CooperSurgical and CooperVision. Fiscal 2018 GAAP
operating expense comprised of $12.3 million primarily related to
integration activities and costs associated with exit of the
carrier screening and non-invasive prenatal testing (NIPT) product
lines in CooperSurgical. |
C |
Amortization expense was $37.2
million and $37.7 million for the fiscal 2019 and 2018 periods,
respectively. Items A, B and C resulted in fiscal 2019 GAAP
operating margin of 21% as compared to fiscal 2019 non-GAAP
operating margin of 28%, and fiscal 2018 GAAP operating margin of
18% as compared to fiscal 2018 non-GAAP operating margin of
28%. |
D |
Represents the net change in the
provision (benefit) 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) |
|
|
Nine Months Ended July 31, |
|
|
2019 |
|
|
|
2019 |
|
2018 |
|
|
|
2018 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
660.0 |
|
|
$ |
(19.6 |
) |
A |
$ |
640.4 |
|
|
$ |
679.1 |
|
|
$ |
(72.6 |
) |
A |
$ |
606.5 |
|
Operating expense excluding amortization, impairment and a gain on
sale of an intangible |
|
$ |
810.0 |
|
|
$ |
(23.7 |
) |
B |
$ |
786.3 |
|
|
$ |
786.9 |
|
|
$ |
(38.8 |
) |
B |
$ |
748.1 |
|
Amortization of intangibles |
|
$ |
110.7 |
|
|
$ |
(110.7 |
) |
C |
$ |
— |
|
|
$ |
110.5 |
|
|
$ |
(110.5 |
) |
C |
$ |
— |
|
Impairment of intangibles |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24.4 |
|
|
$ |
(24.4 |
) |
D |
$ |
— |
|
Gain on sale of an intangible |
|
$ |
(19.0 |
) |
|
$ |
19.0 |
|
E |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Interest Expense |
|
$ |
53.3 |
|
|
$ |
— |
|
|
$ |
53.3 |
|
|
$ |
59.9 |
|
|
$ |
(1.7 |
) |
F |
$ |
58.2 |
|
Provision for income taxes |
|
$ |
3.2 |
|
|
$ |
28.4 |
|
G |
$ |
31.6 |
|
|
$ |
180.0 |
|
|
$ |
(141.8 |
) |
G |
$ |
38.2 |
|
Diluted earnings per share |
|
$ |
6.91 |
|
|
$ |
2.14 |
|
|
$ |
9.05 |
|
|
$ |
0.79 |
|
|
$ |
7.85 |
|
|
$ |
8.64 |
|
Weighted average diluted shares used |
|
|
50.0 |
|
|
|
|
|
50.0 |
|
|
|
49.6 |
|
|
|
|
|
49.6 |
|
A |
Fiscal 2019 GAAP cost of sales includes $19.6 million of costs
primarily related to integration and other manufacturing related
costs, resulting in fiscal 2019 GAAP gross margin of 66%, as
compared to fiscal 2019 non-GAAP gross margin of 67%. Fiscal 2018
GAAP cost of sales includes $11.8 million of costs in CooperVision
primarily related to product transition write off costs,
incremental costs associated with the impact of Hurricane Maria and
other related manufacturing integration costs; $60.8 million in
CooperSurgical, primarily related to PARAGARD inventory step-up
release and other integration costs, resulting in fiscal 2018 GAAP
gross margin of 64%, as compared to fiscal 2018 non-GAAP gross
margin of 68%. |
B |
Fiscal 2019 GAAP operating
expense comprised of $23.7 million in charges primarily related to
acquisition and integration activities in CooperSurgical and
CooperVision. Fiscal 2018 GAAP operating expense comprised of $38.8
million in charges primarily related to acquisition and integration
activities in CooperSurgical and CooperVision and compensation
costs related to executives' retirements. |
C |
Amortization expense was $110.7
million and $110.5 million for the fiscal 2019 and 2018 periods,
respectively. |
D |
Fiscal 2018 GAAP results includes
an impairment charge of intangible assets associated with carrier
screening acquired from Recombine in CooperSurgical. |
E |
Fiscal 2019 gain on sale of an
intangible asset relates to a gain recognized in CooperSurgical on
the sale of an exclusive distribution right of the Filshie Clip
System. Items A, B, C, D and E resulted in fiscal 2019 GAAP
operating margin of 20% as compared to fiscal 2019 non-GAAP
operating margin of 27%, and fiscal 2018 GAAP operating margin of
15% as compared to fiscal 2018 non-GAAP operating margin of
28%. |
F |
This amount represent bridge loan
termination fees related to CooperSurgical's PARAGARD
acquisition. |
G |
Fiscal 2019 represents the net
change in provision for income taxes that arise from the impact of
the above adjustments. Fiscal 2018 GAAP provision for income taxes
includes a $(196.7) million of U.S. tax reform impact and $54.9
million of net changes 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
third quarter 2019 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
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 August 29, 2019 through
September 5, 2019. To hear this recording, dial 855-859-2056 (U.S.)
/ 404-537-3406 (International) and enter code 266737.
About
CooperCompaniesCooperCompanies ("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 & genomics. Headquartered in Pleasanton,
Calif., Cooper has more than 12,000 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 of which are other than
statements of historical fact, including our 2019 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," "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: adverse changes in global political
and economic conditions, and related uncertainty caused by the
United Kingdom’s election to withdraw from the European Union 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; adverse changes
in the global or regional general business, political and economic
conditions, including the impact of continuing uncertainty and
instability of certain countries, such as China, 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, escalating global trade barriers
including additional tariffs; 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; 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; 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; 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); 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
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 integration of acquisitions, natural disasters 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; 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” and “Risk Factors” sections in the
Company’s Annual Report on Form 10-K for the fiscal year ended
October 31, 2018, 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
Administration925-460-3663ir@cooperco.com
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets(In
millions)(Unaudited)
|
July 31, 2019 |
|
October 31, 2018 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
112.7 |
|
|
$ |
77.7 |
|
Trade receivables, net |
404.7 |
|
|
374.7 |
|
Inventories |
502.1 |
|
|
468.8 |
|
Other current assets |
131.3 |
|
|
169.7 |
|
Total current assets |
1,150.8 |
|
|
1,090.9 |
|
Property, plant and equipment,
net |
1,065.4 |
|
|
976.0 |
|
Goodwill |
2,391.4 |
|
|
2,392.1 |
|
Other intangibles, net |
1,438.6 |
|
|
1,521.3 |
|
Deferred tax assets |
63.1 |
|
|
58.4 |
|
Other assets |
63.5 |
|
|
74.1 |
|
|
$ |
6,172.8 |
|
|
$ |
6,112.8 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ |
390.0 |
|
|
$ |
37.1 |
|
Other current liabilities |
499.4 |
|
|
499.4 |
|
Total current liabilities |
889.4 |
|
|
536.5 |
|
Long-term debt |
1,422.6 |
|
|
1,985.7 |
|
Deferred tax liabilities |
31.5 |
|
|
31.0 |
|
Long-term tax payable |
124.8 |
|
|
141.5 |
|
Accrued pension liability and
other |
89.0 |
|
|
110.3 |
|
Total liabilities |
2,557.3 |
|
|
2,805.0 |
|
Stockholders’ equity |
3,615.5 |
|
|
3,307.8 |
|
|
$ |
6,172.8 |
|
|
$ |
6,112.8 |
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income (Loss)(In millions,
except per share amounts)(Unaudited)
|
Three Months Ended July 31, |
|
Nine Months Ended July 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
$ |
679.4 |
|
|
$ |
660.0 |
|
|
$ |
1,961.8 |
|
|
$ |
1,881.3 |
|
Cost of sales |
228.7 |
|
|
233.2 |
|
|
660.0 |
|
|
679.1 |
|
Gross profit |
450.7 |
|
|
426.8 |
|
|
1,301.8 |
|
|
1,202.2 |
|
Selling, general and
administrative expense |
249.8 |
|
|
251.0 |
|
|
746.6 |
|
|
724.7 |
|
Research and development
expense |
21.5 |
|
|
22.5 |
|
|
63.4 |
|
|
62.2 |
|
Amortization of
intangibles |
37.2 |
|
|
37.7 |
|
|
110.7 |
|
|
110.5 |
|
Impairment of intangibles |
— |
|
|
— |
|
|
— |
|
|
24.4 |
|
Gain on sale of an
intangible |
— |
|
|
— |
|
|
(19.0 |
) |
|
— |
|
Operating income |
142.2 |
|
|
115.6 |
|
|
400.1 |
|
|
280.4 |
|
Interest expense |
16.7 |
|
|
22.8 |
|
|
53.3 |
|
|
59.9 |
|
Other (income) expense,
net |
(1.5 |
) |
|
2.4 |
|
|
(2.1 |
) |
|
1.3 |
|
Income before income
taxes |
127.0 |
|
|
90.4 |
|
|
348.9 |
|
|
219.2 |
|
Provision (benefit) for income
taxes |
6.9 |
|
|
(10.4 |
) |
|
3.2 |
|
|
180.0 |
|
Net income attributable to
Cooper stockholders |
$ |
120.1 |
|
|
$ |
100.8 |
|
|
$ |
345.7 |
|
|
$ |
39.2 |
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted |
$ |
2.40 |
|
|
$ |
2.03 |
|
|
$ |
6.91 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
Number of shares used to
compute diluted earnings per share |
50.1 |
|
|
49.7 |
|
|
50.0 |
|
|
49.6 |
|
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