(Reuters) -Cooper Companies raised its annual profit forecast on Thursday, after beating quarterly results estimates, banking on strong demand for its contact lenses.
The company expects annual adjusted profit of $4.05 to $4.11 per share, up from its previous expectations of $3.94 to $4.02 apiece.
Shares of the company, however, were down 4.3% in extended trading.
Cooper narrowed its 2025 revenue outlook to between $4.11 billion and $4.15 billion, from its previous expectations of $4.08 billion to $4.16 billion.
It raised the lower end of the sales forecast for CooperVision, the company’s contact lens division, but lowered the upper end of the outlook for its surgical division, which provides a range of fertility and women’s care devices.
The California-based company posted total revenue of $1 billion for the quarter ended April 30, beating Wall Street estimates of $995.4 million, according to data compiled by LSEG. The beat was driven by sales in both its contact lens and surgical device businesses.
On an adjusted basis, the company reported a quarterly profit of 96 cents, above analysts’ average estimate of 93 cents.
Cooper’s results contrast with those of peer Alcon, which reported first-quarter results below estimates earlier this month.
(Reporting by Puyaan Singh in Bengaluru; Editing by Alan Barona)
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