Cooper Cos. said Thursday its profit more than doubled in the fiscal first quarter as sales of contact lenses improved.
The company also raised its annual profit and revenue forecasts, saying it expects better results from its CooperVision unit.
In the three months ended Jan. 31, Cooper said its profit climbed to $45.3 million, or 96 cents per share, from $20.4 million, or 44 cents per share. Revenue rose 13 percent, to $293.2 million from $260.3 million.
Adjusted earnings were 85 cents a share. Analysts expected a profit of 67 cents per share and revenue of $285.8 million, according to FactSet.
Revenue at the CooperVision business grew 13 percent to $243.6 million. The company said sales of toric contact lenses, which are used to correct astigmatism, climbed 19 percent. Sales of single-use sphere lenses rose 13 percent and sales of non-single use sphere lenses rose 11 percent. Revenue from the CooperSurgical unit, which sells surgical products, rose 12 percent to $49.6 million.
The company also reported a one-time gain of $6.1 million related to its acquisition of assets from Asahikasei Aime Co., which supplies the main material used in making its silicone hydrogel contract lenses. Cooper acquired the assets for $31.4 million in a deal that closed Dec. 1.
Cooper now expects an adjusted profit of $3.70 to $3.90 per share in fiscal 2011, on revenue of $1.27 billion to $1.29 billion. Earlier, it had forecast a profit of $3.30 to $3.50 per share, excluding one-time items, on $1.25 billion to $1.28 billion in revenue.
Analysts expect $3.53 per share in profit and $1.26 billion in revenue on average.
The company now expects $1.07 billion to $1.09 billion in revenue from CooperVision, up from $1.06 billion to $1.08 billion. It still expects $195 million to $205 million in revenue from CooperSurgical.
Cooper shares rose $2, or 3.3 percent, to $63.62 on Thursday as the market moved higher. In aftermarket trading after the earnings were released, the stock gained $2.88, or 4.5 percent, to $66.50.