CooperCompanies (NYSE: COO) today announced financial results for
its fiscal third quarter ended July 31, 2020.
- Revenue decreased 15% year-over-year to $578.2 million.
CooperVision (CVI) revenue down 12% to $449.3 million, and
CooperSurgical (CSI) revenue down 24% to $128.9 million.
- GAAP diluted earnings per share $1.12, down $1.28 or 53% from
last year's third quarter.
- Non-GAAP diluted earnings per share $2.28, down $0.95 or 30%
from last year's third quarter. See "Reconciliation of Selected
GAAP Results to Non-GAAP Results" below.
Commenting on the results, Albert White, Cooper’s president and
chief executive officer said, "While our third quarter results were
negatively impacted by COVID-19, we solidly exceeded expectations
as we experienced a faster than expected recovery. Both of our
businesses improved as we progressed through the quarter and this
momentum continued in August."
Third Quarter Operating Results
- Revenue $578.2 million, down 15% from last year’s third
quarter, down 14% in constant currency.
- Gross margin 62% compared with 66% in last year’s third
quarter. On a non-GAAP basis, gross margin was 66%, down from 67%
last year on higher expenses associated with COVID-19, partially
offset by product mix at CooperVision.
- Operating margin 12% compared with 21% in last year’s third
quarter. On a non-GAAP basis, operating margin was 23%, down from
28% last year driven by the decline in gross margins combined with
heightened operating expenses as a percent of sales due to COVID-19
related costs.
- Interest expense $5.7 million compared with $16.7 million in
last year's third quarter driven by lower interest rates.
- Total debt outstanding at the end of the quarter was $1,880.4
million with quarter-end cash and cash equivalents of $127.4
million. Adjusted leverage ratio (net debt over adjusted EBITDA) of
2.23x.
- Cash provided by operations $112.8 million offset by capital
expenditures $45.1 million resulted in free cash flow of $67.7
million.
Third Quarter CooperVision (CVI) Operating
Results
- Revenue $449.3 million, down 12% from last year’s third
quarter, down 11% in constant currency.
- Revenue by category:
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
Constant Currency%chg |
|
|
3Q20 |
|
3Q20 |
|
y/y |
|
y/y |
|
Toric |
$ |
147.6 |
|
|
33 |
% |
|
(9 |
)% |
|
(9 |
)% |
|
Multifocal |
46.9 |
|
|
10 |
% |
|
(10 |
)% |
|
(10 |
)% |
|
Single-use sphere |
126.5 |
|
|
28 |
% |
|
(14 |
)% |
|
(13 |
)% |
|
Non single-use sphere,
other |
128.3 |
|
|
29 |
% |
|
(13 |
)% |
|
(12 |
)% |
|
Total |
$ |
449.3 |
|
|
100 |
% |
|
(12 |
)% |
|
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
Constant Currency%chg |
|
|
3Q20 |
|
3Q20 |
|
y/y |
|
y/y |
|
Americas |
$ |
176.5 |
|
|
39 |
% |
|
(10 |
)% |
|
(9 |
)% |
|
EMEA |
165.7 |
|
|
37 |
% |
|
(15 |
)% |
|
(15 |
)% |
|
Asia Pacific |
107.1 |
|
|
24 |
% |
|
(9 |
)% |
|
(9 |
)% |
|
Total |
$ |
449.3 |
|
|
100 |
% |
|
(12 |
)% |
|
(11 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gross margin 61% compared with 65% in last year’s third
quarter. On a non-GAAP basis, gross margin was 65%, compared with
66% last year on higher expenses associated with COVID-19,
partially offset by product mix.
Third Quarter CooperSurgical (CSI) Operating
Results
- Revenue $128.9 million, down 24% from last year's third
quarter, down 24% in constant currency.
- Revenue by category:
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
Constant Currency%chg |
|
|
3Q20 |
|
3Q20 |
|
y/y |
|
y/y |
|
Office and surgical products |
$ |
81.7 |
|
|
63 |
% |
|
(23 |
)% |
|
(23 |
)% |
|
Fertility |
47.2 |
|
|
37 |
% |
|
(26 |
)% |
|
(26 |
)% |
|
Total |
$ |
128.9 |
|
|
100 |
% |
|
(24 |
)% |
|
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Gross margin 66% compared with 71% in last year’s third
quarter. On a non-GAAP basis, gross margin was 71%, down from 72%
last year due to product mix.
Fiscal Fourth Quarter 2020 Guidance
The Company provided its fiscal fourth quarter 2020 guidance.
Details are summarized as follows:
- Fiscal fourth quarter 2020 total revenue $665 - $693 million-
CVI revenue $500 - $520 million- CSI revenue $165 - $173
million
- Fiscal fourth quarter 2020 non-GAAP diluted earnings per share
$3.00 - $3.20
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 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 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 the dividend. 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 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.
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, |
|
|
2020 |
|
|
|
2020 |
|
2019 |
|
|
|
2019 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
217.4 |
|
|
$ |
(22.4 |
) |
A |
$ |
195.0 |
|
|
$ |
228.7 |
|
|
$ |
(6.6 |
) |
A |
$ |
222.1 |
|
Operating
expense excluding amortization |
|
$ |
254.6 |
|
|
$ |
(5.4 |
) |
B |
$ |
249.2 |
|
|
$ |
271.3 |
|
|
$ |
(6.8 |
) |
B |
$ |
264.5 |
|
Amortization of intangibles |
|
$ |
34.2 |
|
|
$ |
(34.2 |
) |
C |
$ |
— |
|
|
$ |
37.2 |
|
|
$ |
(37.2 |
) |
C |
$ |
— |
|
Other
(income), net |
|
$ |
(0.1 |
) |
|
$ |
(2.6 |
) |
D |
$ |
(2.7 |
) |
|
$ |
(1.5 |
) |
|
$ |
— |
|
|
$ |
(1.5 |
) |
Provision
for income taxes |
|
$ |
11.2 |
|
|
$ |
7.2 |
|
E |
$ |
18.4 |
|
|
$ |
6.9 |
|
|
$ |
8.8 |
|
E |
$ |
15.7 |
|
Diluted
earnings per share |
|
$ |
1.12 |
|
|
$ |
1.16 |
|
|
$ |
2.28 |
|
|
$ |
2.40 |
|
|
$ |
0.83 |
|
|
$ |
3.23 |
|
Weighted average diluted shares used |
|
$ |
49.5 |
|
|
|
|
$ |
49.5 |
|
|
$ |
50.1 |
|
|
|
|
$ |
50.1 |
|
A |
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%. 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%. |
B |
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. Fiscal 2019 GAAP
operating expense comprised of $6.8 million primarily related to
integration activities in CooperSurgical and CooperVision. |
C |
Amortization expense was $34.2
million and $37.2 million for the fiscal 2020 and 2019 periods,
respectively. Items A, B, and C resulted in fiscal 2020 GAAP
operating margin of 12% as compared to fiscal 2020 non-GAAP
operating margin of 23%, and fiscal 2019 GAAP operating margin of
21% as compared to fiscal 2019 non-GAAP operating margin of
28%. |
D |
Fiscal 2020 other (income), net
includes $2.6 million of losses on our minority investments. |
E |
Fiscal 2020 and 2019 amounts
represent the net change 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) |
|
|
Nine Months Ended July 31, |
|
|
2020 |
|
|
|
2020 |
|
2019 |
|
|
|
2019 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
638.5 |
|
|
$ |
(52.9 |
) |
A |
$ |
585.6 |
|
|
$ |
660.0 |
|
|
$ |
(19.6 |
) |
A |
$ |
640.4 |
|
Operating
expense excluding amortization and gain on sale of an
intangible |
|
$ |
796.1 |
|
|
$ |
(19.6 |
) |
B |
$ |
776.5 |
|
|
$ |
810.0 |
|
|
$ |
(23.7 |
) |
B |
$ |
786.3 |
|
Amortization of intangibles |
|
$ |
103.0 |
|
|
$ |
(103.0 |
) |
C |
$ |
— |
|
|
$ |
110.7 |
|
|
$ |
(110.7 |
) |
C |
$ |
— |
|
Gain on sale of an intangible |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(19.0 |
) |
|
$ |
19.0 |
|
D |
$ |
— |
|
Interest
expense |
|
$ |
30.1 |
|
|
$ |
(4.0 |
) |
E |
$ |
26.1 |
|
|
$ |
53.3 |
|
|
$ |
— |
|
|
$ |
53.3 |
|
Other
expense (income), net |
|
$ |
8.8 |
|
|
$ |
(6.9 |
) |
F |
$ |
1.9 |
|
|
$ |
(2.1 |
) |
|
$ |
— |
|
|
$ |
(2.1 |
) |
Provision
for income taxes |
|
$ |
15.6 |
|
|
$ |
22.3 |
|
G |
$ |
37.9 |
|
|
$ |
3.2 |
|
|
$ |
28.4 |
|
G |
$ |
31.6 |
|
Diluted
earnings per share |
|
$ |
3.17 |
|
|
$ |
3.31 |
|
|
$ |
6.48 |
|
|
$ |
6.91 |
|
|
$ |
2.14 |
|
|
$ |
9.05 |
|
Weighted average diluted shares used |
|
$ |
49.6 |
|
|
|
|
$ |
49.6 |
|
|
$ |
50.0 |
|
|
|
|
$ |
50.0 |
|
A |
Fiscal 2020 GAAP cost of sales includes $52.9 million of costs
primarily related to COVID-19 incremental costs 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%. 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%. |
B |
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 and CooperVision and
Headquarters integration activities. Fiscal 2019 GAAP operating
expense comprised of $23.7 million in charges primarily related to
acquisition and integration activities in CooperSurgical and
CooperVision. |
C |
Amortization expense was $103.0
million and $110.7 million for the fiscal 2020 and 2019 periods,
respectively. |
D |
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 Filshie Clip System.
Items A, B, C and D resulted in fiscal 2020 GAAP operating margin
of 12% as compared to fiscal 2020 non-GAAP operating margin of 22%,
and fiscal GAAP operating margin of 20% as compared to fiscal 2019
non-GAAP operating margin of 27%. |
E |
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. |
F |
Fiscal 2020 other expense
(income), net includes $6.9 million of losses and advances on our
minority investments. |
G |
Fiscal 2020 and 2019 amounts
represent the net change 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 2020 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 3, 2020 through September 10, 2020. To
hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406
(International) and enter code 5588359.
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 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 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 Fiscal Fourth Quarter
2020 Guidance; all statements regarding the expected impact of the
ongoing COVID-19 pandemic on our business; and 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 net
sales, 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: 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; adverse changes in global political and economic conditions,
and related uncertainty caused by the United Kingdom's 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; 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); 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 and the California Consumer
Privacy Act 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), the EU in vitro Diagnostic Medical
Devices Regulation (IVDR), and the medical device excise tax under
the U.S. Affordable Care Act; 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, 2019, 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, 2020 |
|
October 31, 2019 |
ASSETS |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
127.4 |
|
|
$ |
89.0 |
|
Trade receivables,
net |
450.5 |
|
|
435.3 |
|
Inventories |
594.9 |
|
|
506.9 |
|
Other current assets |
148.5 |
|
|
132.2 |
|
Total current
assets |
1,321.3 |
|
|
1,163.4 |
|
Property, plant and equipment,
net |
1,237.7 |
|
|
1,132.1 |
|
Operating lease right-of-use
assets |
258.9 |
|
|
— |
|
Goodwill |
2,445.0 |
|
|
2,428.9 |
|
Other intangibles, net |
1,311.4 |
|
|
1,405.3 |
|
Deferred tax assets |
80.1 |
|
|
78.0 |
|
Other assets |
94.0 |
|
|
66.8 |
|
Total assets |
$ |
6,748.4 |
|
|
$ |
6,274.5 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
Short-term debt |
$ |
552.6 |
|
|
$ |
563.7 |
|
Other current
liabilities |
576.1 |
|
|
546.9 |
|
Total current
liabilities |
1,128.7 |
|
|
1,110.6 |
|
Long-term debt |
1,327.8 |
|
|
1,262.6 |
|
Deferred tax liabilities |
28.5 |
|
|
28.0 |
|
Long-term tax payable |
162.1 |
|
|
124.8 |
|
Operating lease liabilities |
236.6 |
|
|
— |
|
Accrued pension liability and
other |
104.3 |
|
|
119.9 |
|
Total
liabilities |
2,988.0 |
|
|
2,645.9 |
|
Stockholders’ equity |
3,760.4 |
|
|
3,628.6 |
|
Total liabilities and
stockholders' equity |
$ |
6,748.4 |
|
|
$ |
6,274.5 |
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
578.2 |
|
|
679.4 |
|
|
1,749.3 |
|
|
1,961.8 |
|
Cost of sales |
217.4 |
|
|
228.7 |
|
|
638.5 |
|
|
660.0 |
|
Gross profit |
360.8 |
|
|
450.7 |
|
|
1,110.8 |
|
|
1,301.8 |
|
Selling, general and
administrative expense |
232.8 |
|
|
249.8 |
|
|
728.3 |
|
|
746.6 |
|
Research and development
expense |
21.8 |
|
|
21.5 |
|
|
67.8 |
|
|
63.4 |
|
Amortization of
intangibles |
34.2 |
|
|
37.2 |
|
|
103.0 |
|
|
110.7 |
|
Gain on sale of an
intangible |
— |
|
|
— |
|
|
— |
|
|
(19.0 |
) |
Operating income |
72.0 |
|
|
142.2 |
|
|
211.7 |
|
|
400.1 |
|
Interest expense |
5.7 |
|
|
16.7 |
|
|
30.1 |
|
|
53.3 |
|
Other (Income) expense,
net |
(0.1 |
) |
|
(1.5 |
) |
|
8.8 |
|
|
(2.1 |
) |
Income before income
taxes |
66.4 |
|
|
127.0 |
|
|
172.8 |
|
|
348.9 |
|
Provision for income
taxes |
11.2 |
|
|
6.9 |
|
|
15.6 |
|
|
3.2 |
|
Net income attributable to
Cooper stockholders |
55.2 |
|
|
120.1 |
|
|
157.2 |
|
|
345.7 |
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted |
1.12 |
|
|
2.4 |
|
|
3.17 |
|
|
6.91 |
|
|
|
|
|
|
|
|
|
Number of shares used to
compute diluted earnings per share |
49.5 |
|
|
50.1 |
|
|
49.6 |
|
|
50.0 |
|
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