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Cooper Cos. fiscal Q1'18 earnings rise YOY

The Cooper Cos. Inc. said its non-GAAP net income for the fiscal first quarter of 2018 increased to $2.79 per share from $1.93 per share in the same period a year ago.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.51.

The company's GAAP net loss attributable to Cooper stockholders was $122.5 million, or $2.50 per share. In the same period a year ago the GAAP net income was $75.8 million, or $1.53 per share.

On a GAAP basis, Cooper reported a loss primarily due to a net charge of $202 million due to the enactment of the U.S. tax reform.

Net sales for the period rose 18% year over year to $590 million from $499.1 million. The company recorded research and development expense of $18.8 million during the quarter, an increase from $16.3 million a year ago.

Cooper revised its non-GAAP EPS to range between $11.70 and $11.90 for the year ending Oct. 31, 2018, from the previous estimate of $11.35 to $11.65.

The S&P Capital IQ consensus normalized EPS estimate for fiscal 2018 is $11.62.

Cooper anticipates total revenue for the 2018 fiscal year of between $2.51 billion and $2.6 billion, compared to prior expectations of $2.48 billion to $2.53 billion.