SAN RAMON, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO) today announced it will report third quarter 2024 financial results on Wednesday, August 28, 2024, at 4:15 PM ET. Following the release, the Company will host a conference call at 5:00 PM ET to discuss the results and current corporate developments. The dial-in number for the call is 800-715-9871 and the conference ID is 7528310. A simultaneous audio webcast and subsequent replay can be accessed at http://investor.coopercos.c ...

The CooperCompanies(COO) announced that its division, CooperSurgical, has acquired obp Surgical, a U.S.- based medical device company known for its innovative single-use surgical products. The acquisition, valued at approximately $100 million, includes obp Surgical's suite of cordless surgical retractors with integrated multi-LED light sources and dual smoke evacuation channels, as well as single-use surgical suction devices featuring cordless radial LED light sources. obp Surgical's products, which generat ...

Leadership Transition - Hillman Solutions Corp. announced that Jon Michael Adinolfi will become the President and CEO, while Doug Cahill will transition to Executive Chairman effective January 1, 2025, ensuring continuity in leadership and strategy [1] - Adinolfi expressed commitment to building on Hillman's legacy of service and growth, aiming for $2 billion in net sales through organic growth and M&A [2][3] Company Background - Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading provider of hardware solutions, serving over 40,000 locations across North America [5] - The company focuses on innovative product and merchandising solutions for various customers, including home improvement centers and hardware stores [5] Financial Performance - Hillman will discuss its financial results for the second quarter of 2024, covering the thirteen and twenty-six weeks ended June 29, 2024, alongside the leadership succession plans [4]

SAN RAMON, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), today announced that CooperSurgical has acquired obp Surgical, a U.S.-based medical device company with a suite of single-use cordless surgical retractors with an integrated multi-LED light source and dual smoke evacuation channels, and single-use surgical suction devices with an integrated, cordless radial LED light source, for approximately $100 million. The products being acquired generated approximately $14.5 million of ...

Group 1 - The chief operating officer of Air Products & Chemicals, Samir Serhan, has resigned effective immediately as the company forms a new management board [1][2] - A new 12-member management board has been established, led by CEO Seifi Ghasemi, to implement the company's "two-pillar growth strategy" focusing on industrial gases and clean hydrogen [1][2] - Air Products' stock fell approximately 5% following the announcement of the COO's resignation and management changes, trading at $249.46 [2] Group 2 - CEO Ghasemi stated that the management changes aim to streamline and optimize the global organization, reinforcing Air Products' position as the safest and most profitable industrial gas company [2]

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) (the "Company" or "Midnight Sun") is pleased to announce that Dr. Kevin Bonel has joined the Company as COO, Zambia. Dr. Bonel has over 25 years of geological experience in Sub-Saharan Africa, most recently with Barrick Gold's operations at the Lumwana Mine, located directly west of Midnight Sun's Solwezi Project. Dr. Bonel, P. Geo is an experienced independent geologist and exploration ma ...

PART I. FINANCIAL INFORMATION Presents the company's unaudited financial statements, management's discussion, and market risk disclosures for the reported period [Item 1. Unaudited Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents the unaudited consolidated condensed financial statements, including statements of income, balance sheets, stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, acquisitions, debt, taxes, and segment performance for the periods ended April 30, 2024 and 2023 [Consolidated Condensed Statements of Income and Comprehensive Income](index=3&type=section&id=Consolidated%20Condensed%20Statements%20of%20Income%20and%20Comprehensive%20Income) Details the company's revenues, expenses, net income, and comprehensive income for the specified periods Consolidated Condensed Statements of Income and Comprehensive Income (In millions, except for earnings per share) | Metric | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net sales | $942.6 | $877.4 | $1,874.2 | $1,735.9 | | Gross profit | $631.2 | $582.9 | $1,255.0 | $1,141.4 | | Operating income | $161.7 | $96.3 | $314.8 | $245.8 | | Net income | $88.9 | $39.8 | $170.1 | $124.4 | | Basic EPS | $0.45 | $0.20 | $0.86 | $0.63 | | Diluted EPS | $0.44 | $0.20 | $0.85 | $0.63 | | Comprehensive income | $88.3 | $19.8 | $201.3 | $167.4 | - Net sales increased by **7.4%** for the three months and **7.9%** for the six months ended April 30, 2024, compared to the prior year[10](index=10&type=chunk) - Net income significantly increased by **123.4%** for the three months and **36.7%** for the six months ended April 30, 2024, compared to the prior year[10](index=10&type=chunk) [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Provides a snapshot of the company's assets, liabilities, and stockholders' equity at specific reporting dates Consolidated Condensed Balance Sheets (In millions) | Asset/Liability | April 30, 2024 | October 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Total current assets | $1,859.0 | $1,704.9 | | Total assets | $12,047.4 | $11,658.9 | | Total current liabilities | $952.5 | $969.0 | | Total liabilities | $4,243.5 | $4,107.9 | | Total stockholders' equity | $7,803.9 | $7,551.0 | - Total assets increased by **$388.5 million** from October 31, 2023, to April 30, 2024, primarily driven by increases in trade accounts receivable, inventories, and goodwill[14](index=14&type=chunk) - Total stockholders' equity increased by **$252.9 million**, reflecting net income and share-based compensation, partially offset by accumulated other comprehensive loss[14](index=14&type=chunk) [Consolidated Condensed Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Stockholders'%20Equity) Outlines changes in the company's equity accounts, including net income, share-based compensation, and stock splits - Stockholders' equity increased from **$7,551.0 million** at November 1, 2023, to **$7,803.9 million** at April 30, 2024, primarily due to net income of **$170.1 million** and share-based compensation expense of **$40.4 million**[21](index=21&type=chunk)[10](index=10&type=chunk) - The Company effected a **four-for-one stock split** on February 16, 2024, retroactively adjusting all share and per share information[17](index=17&type=chunk)[21](index=21&type=chunk) [Consolidated Condensed Statements of Cash Flows](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities for the reported periods Consolidated Condensed Statements of Cash Flows (Six Months Ended April 30, In millions) | Activity | 2024 | 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $233.7 | $290.8 | | Net cash used in investing activities | $(398.9) | $(195.3) | | Net cash provided by (used in) financing activities | $155.2 | $(124.4) | | Net decrease in cash, cash equivalents, and restricted cash | $(8.3) | $(26.5) | | Cash, cash equivalents, and restricted cash at end of period | $112.6 | $112.1 | - Operating cash flow decreased by **$57.1 million** in the first six months of fiscal 2024 compared to 2023, mainly due to changes in operating capital[25](index=25&type=chunk) - Investing cash flow increased significantly to **$(398.9) million** in 2024 from **$(195.3) million** in 2023, primarily due to the **$200.0 million** cash payment for the Cook Medical acquisition[25](index=25&type=chunk) - Financing activities shifted from a net use of **$(124.4) million** in 2023 to a net provision of **$155.2 million** in 2024, driven by debt proceeds and repayments[25](index=25&type=chunk) [Notes to Consolidated Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Provides detailed explanations and additional information supporting the primary financial statements [Note 1. General](index=8&type=section&id=Note%201.%20General) Provides general information about the company, including significant events like stock splits and new accounting pronouncements - The Company effected a **four-for-one stock split** on February 16, 2024, retroactively adjusting all share and per share information[31](index=31&type=chunk) - New accounting pronouncements (ASU 2023-09 on Income Taxes and ASU 2023-07 on Segment Reporting) are being evaluated for their impact on financial statements, effective for fiscal years beginning after December 15, 2024, and November 1, 2024, respectively[32](index=32&type=chunk)[33](index=33&type=chunk) [Note 2. Acquisitions and Joint Venture](index=8&type=section&id=Note%202.%20Acquisitions%20and%20Joint%20Venture) Details recent acquisitions, such as Cook Medical assets, and information about joint venture activities - On November 1, 2023, CooperSurgical acquired select Cook Medical assets for a purchase price of **$300.0 million** (**$291.6 million** present value), primarily comprising **$157.9 million** in technologies, **$26.6 million** in customer relationships, and **$107.2 million** in tax-deductible goodwill[35](index=35&type=chunk)[38](index=38&type=chunk) - The Company has a joint venture with Essilor International SAS in SightGlass Vision, Inc., formed in March 2022, focusing on myopia management spectacle lenses[39](index=39&type=chunk) [Note 3. Inventories](index=9&type=section&id=Note%203.%20Inventories) Presents a breakdown of the company's inventory components, including raw materials, work-in-process, and finished goods Inventories (In millions) | Category | April 30, 2024 | October 31, 2023 | | :---------------- | :---------------- | :---------------- | | Raw materials | $212.8 | $207.3 | | Work-in-process | $23.1 | $19.0 | | Finished goods | $539.5 | $509.3 | | **Total inventories** | **$775.4** | **$735.6** | [Note 4. Intangible Assets](index=9&type=section&id=Note%204.%20Intangible%20Assets) Details the company's intangible assets with definite lives, including customer relationships, technology, and trademarks, and their amortization Intangible Assets with Definite Lives, Net (In millions) | Category | April 30, 2024 | October 31, 2023 | | :-------------------------- | :---------------- | :---------------- | | Customer relationships | $750.6 | $753.4 | | Composite intangible asset | $601.7 | $637.1 | | Technology | $292.1 | $159.1 | | Trademarks | $120.9 | $127.8 | | License and distribution rights and other | $22.3 | $23.6 | | **Total other intangibles, net** | **$1,796.9** | **$1,710.3** | Estimated Future Amortization Expenses for Intangible Assets with Definite Lives (In millions) | Fiscal Year | Amount | | :-------------------------- | :---------------- | | Remainder of 2024 | $97.3 | | 2025 | $187.7 | | 2026 | $180.1 | | 2027 | $165.8 | | 2028 | $161.2 | | Thereafter | $995.5 | | **Total remaining amortization** | **$1,787.6** | [Note 5. Financing Arrangements](index=10&type=section&id=Note%205.%20Financing%20Arrangements) Outlines the company's outstanding debt, credit facilities, and recent refinancing activities Outstanding Debt (In millions) | Category | April 30, 2024 | October 31, 2023 | | :-------------------------- | :---------------- | :---------------- | | Short-term debt | $41.7 | $45.4 | | Long-term debt | $2,671.3 | $2,523.8 | | **Total debt** | **$2,713.0** | **$2,569.2** | - As of April 30, 2024, the Company had **$1.5 billion** outstanding under the 2021 Term Loan Facility (**6.43%** interest rate) and **$850.0 million** under the 2020 Term Loan Facility, plus **$320.0 million** under the 2020 Revolving Credit Facility (both at **6.42%** interest rate)[47](index=47&type=chunk)[50](index=50&type=chunk) - On May 1, 2024, the Company entered into a new **$2.3 billion** 2024 Revolving Credit Agreement, using **$1.170 billion** to repay and terminate the 2020 Term Loan and Revolving Credit Facilities[51](index=51&type=chunk) [Note 6. Income Taxes](index=11&type=section&id=Note%206.%20Income%20Taxes) Discusses the company's effective tax rates and the factors influencing changes in its tax provision Effective Tax Rates | Period | 2024 | 2023 | | :-------------------------- | :---------------- | :---------------- | | Three Months Ended April 30, | 31.6% | 39.3% | | Six Months Ended April 30, | 32.0% | 33.7% | - The decrease in effective tax rates was primarily due to changes in the geographic composition of pre-tax earnings, partially offset by an increase in the UK statutory tax rate from **19%** to **25%**[53](index=53&type=chunk) [Note 7. Earnings Per Share](index=11&type=section&id=Note%207.%20Earnings%20Per%20Share) Provides a breakdown of basic and diluted earnings per share, including the calculation of weighted-average shares Earnings Per Share (In millions, except per share amounts) | Metric | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $88.9 | $39.8 | $170.1 | $124.4 | | Basic EPS | $0.45 | $0.20 | $0.86 | $0.63 | | Diluted EPS | $0.44 | $0.20 | $0.85 | $0.63 | | Diluted weighted-average common shares | 200.5 | 199.2 | 200.2 | 198.9 | - Stock options and restricted stock units totaling **833 thousand** and **3 thousand** shares, respectively, were excluded from diluted EPS calculation for the three months ended April 30, 2024, due to their antidilutive effect[54](index=54&type=chunk) [Note 8. Share-Based Compensation](index=11&type=section&id=Note%208.%20Share-Based%20Compensation) Reports the total share-based compensation expense and related income tax benefits for the specified periods Total Share-Based Compensation Expense (In millions) | Period | 2024 | 2023 | | :-------------------------- | :---------------- | :---------------- | | Three Months Ended April 30, | $17.2 | $15.1 | | Six Months Ended April 30, | $41.1 | $31.4 | | Related income tax benefit (Six Months) | $4.8 | $3.3 | [Note 9. Stockholders' Equity](index=12&type=section&id=Note%209.%20Stockholders'%20Equity) Details changes in accumulated other comprehensive loss and provides updates on dividend policy and share repurchase programs Accumulated Other Comprehensive Loss (In millions) | Component | April 30, 2024 | October 31, 2023 | | :-------------------------- | :---------------- | :---------------- | | Foreign Currency Translation Adjustment | $(500.2) | $(538.0) | | Minimum Pension Liability | $(3.2) | $(3.2) | | Derivative Instruments | $80.8 | $87.4 | | **Total** | **$(422.6)** | **$(453.8)** | - The Company's Board of Directors decided to end the declaration of the semiannual dividend in **December 2023**[60](index=60&type=chunk) - No share repurchases occurred during the three and six months ended April 30, 2024, or 2023. **$256.4 million** remains authorized under the 2012 Share Repurchase Program[59](index=59&type=chunk) [Note 10. Contingencies and Commitments](index=12&type=section&id=Note%2010.%20Contingencies%20and%20Commitments) Addresses ongoing legal matters, potential liabilities, and future contractual obligations like lease agreements - The Company is involved in various lawsuits and legal matters in the ordinary course of business, but does not believe their ultimate resolution will have a material adverse effect on its financial condition or results of operations[61](index=61&type=chunk) - An additional lease for capacity expansion, with estimated undiscounted payments of **$73.0 million** over **25 years**, will commence in fiscal 2025[62](index=62&type=chunk) [Note 11. Business Segment Information](index=13&type=section&id=Note%2011.%20Business%20Segment%20Information) Presents net sales and operating income by business segment and geographical region Net Sales by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | | :---------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | CooperVision | $635.9 | $589.3 | $1,257.4 | $1,170.6 | | CooperSurgical | $306.7 | $288.1 | $616.8 | $565.3 | | **Total net sales** | **$942.6** | **$877.4** | **$1,874.2** | **$1,735.9** | Operating Income (Loss) by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | | :---------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | CooperVision | $160.2 | $137.9 | $315.0 | $298.0 | | CooperSurgical | $21.6 | $(24.3) | $45.6 | $(18.5) | | Corporate | $(20.1) | $(17.3) | $(45.8) | $(33.7) | | **Total operating income** | **$161.7** | **$96.3** | **$314.8** | **$245.8** | Net Sales by Geography (Six Months Ended April 30, In millions) | Region | 2024 | 2023 | | :---------------- | :---------------- | :---------------- | | United States | $949.4 | $877.9 | | Europe | $553.3 | $497.7 | | Rest of world | $371.5 | $360.3 | | **Total** | **$1,874.2** | **$1,735.9** | [Note 12. Financial Derivatives and Hedging](index=14&type=section&id=Note%2012.%20Financial%20Derivatives%20and%20Hedging) Describes the company's use of financial derivatives, such as foreign currency forward contracts and interest rate swaps, for risk management - As of April 30, 2024, the Company had **$45.7 million** in outstanding foreign currency forward contracts and **8 interest rate swap contracts** with a total notional amount of **$1.6 billion**[68](index=68&type=chunk) Impact of Derivatives Designated as Cash Flow Hedges on Interest Expense (In millions) | Period | 2024 | 2023 | | :-------------------------- | :---------------- | :---------------- | | Three Months Ended April 30, | $(13.6) | $(9.9) | | Six Months Ended April 30, | $(27.2) | $(18.2) | - The Company expects **$(50.3) million** recorded in "Accumulated other comprehensive loss" from derivatives to be realized in the Consolidated Condensed Statements of Income over the next twelve months[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance, condition, and future outlook, discussing key drivers of revenue, expenses, and liquidity, along with associated risks and recent corporate actions [Forward-Looking Statements](index=15&type=section&id=Forward-Looking%20Statements) Discusses the inherent uncertainties and risks associated with future plans, prospects, and financial performance - The report contains forward-looking statements regarding plans, prospects, goals, strategies, future actions, events, or performance, which are subject to risks and uncertainties[74](index=74&type=chunk) - Key risk factors include adverse global economic conditions, international conflicts, foreign currency and interest rate fluctuations, acquisition-related challenges, compliance costs, supply chain disruptions, market consolidation, new competitors, and regulatory changes[75](index=75&type=chunk)[78](index=78&type=chunk) [Outlook](index=17&type=section&id=Outlook) Presents management's perspective on future market conditions, business strategies, and potential challenges for the company's segments - The Company is optimistic about the long-term prospects for worldwide contact lens and general healthcare markets, and the resilience and growth of its businesses and products[81](index=81&type=chunk) - Significant risks include uncertain global business, political, and economic conditions, inflation, foreign exchange rate fluctuations, regulatory developments, and supply chain disruptions[81](index=81&type=chunk) - CooperVision focuses on silicone hydrogel lenses, myopia management (MiSight 1 day), and expanding market penetration[82](index=82&type=chunk)[83](index=83&type=chunk] - CooperSurgical competes in fertility and women's health with a diversified portfolio, emphasizing technological advances and product quality[84](index=84&type=chunk) [Results of Operations](index=17&type=section&id=Results%20of%20Operations) Analyzes the key drivers and trends impacting the company's net sales, gross margin, and various operating expenses [Net Sales](index=19&type=section&id=Net%20Sales) Analyzes the revenue performance of CooperVision and CooperSurgical segments by category and geography CooperVision Net Sales by Category (In millions) | Category | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | Toric and multifocal | $310.3 | $280.4 | 11% | | Sphere, other | $325.6 | $308.9 | 5% | | **Total** | **$635.9** | **$589.3** | **8%** | CooperVision Net Sales by Geography (Six Months Ended April 30, In millions) | Region | 2024 | 2023 | % Change | | :---------------- | :---------------- | :---------------- | :---------------- | | Americas | $517.0 | $484.8 | 7% | | EMEA | $475.2 | $424.4 | 12% | | Asia Pacific | $265.2 | $261.4 | 1% | | **Total** | **$1,257.4** | **$1,170.6** | **7%** | CooperSurgical Net Sales by Category (In millions) | Category | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | Office and surgical | $182.9 | $163.0 | 12% | | Fertility | $123.8 | $125.1 | (1)% | | **Total** | **$306.7** | **$288.1** | **6%** | - CooperVision's growth was primarily driven by market gains in silicone hydrogel contact lenses, with strong performance in MyDay and Biofinity across toric, multifocal, and sphere categories[96](index=96&type=chunk) - CooperSurgical's office and surgical net sales increased due to the Cook Medical acquisition and higher Paragard revenue, while fertility net sales remained relatively flat for the three months but increased for the six months due to consumables and genomic services[101](index=101&type=chunk)[102](index=102&type=chunk) - Unfavorable foreign exchange rate fluctuations partially offset sales growth, impacting CooperVision by approximately **$11.1 million** (3 months) and CooperSurgical by **$4.0 million** (3 months)[94](index=94&type=chunk)[103](index=103&type=chunk) [Gross Margin](index=22&type=section&id=Gross%20Margin) Examines the factors contributing to changes in the company's consolidated gross profit margin - Consolidated gross margin increased to **67%** for both the three and six months ended April 30, 2024, up from **66%** in the prior year, primarily driven by efficiency gains and price increases[104](index=104&type=chunk) [Selling, General and Administrative (SGA) Expenses](index=23&type=section&id=Selling,%20General%20and%20Administrative%20(SGA)%20Expenses) Details the trends and drivers behind the company's selling, general, and administrative expenses by segment SGA Expenses by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | CooperVision | $226.6 | $221.8 | 2% | | CooperSurgical | $133.6 | $168.4 | (21)% | | Corporate | $20.1 | $17.3 | 17% | | **Total** | **$380.3** | **$407.5** | **(7)%** | - CooperSurgical's SGA expenses decreased significantly due to a **$45.0 million** accrual for an acquisition termination fee in the prior year, partially offset by increased selling activities and distribution costs in 2024[109](index=109&type=chunk) - Corporate SGA expenses increased primarily due to higher share-based compensation related expenses[110](index=110&type=chunk) [Research and Development (R&D) Expenses](index=23&type=section&id=Research%20and%20Development%20(R%26D)%20Expenses) Discusses the changes in research and development expenditures for each business segment and their underlying reasons R&D Expenses by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | CooperVision | $20.9 | $16.9 | 24% | | CooperSurgical | $18.0 | $15.7 | 14% | | **Total** | **$38.9** | **$32.6** | **19%** | - CooperVision's R&D expenses increased due to myopia management programs and timing of R&D projects, focusing on contact lenses and manufacturing technology[112](index=112&type=chunk) - CooperSurgical's R&D expenses rose mainly due to project spend and European Medical Device Regulation costs, focusing on diagnostic and therapeutic products[113](index=113&type=chunk) [Amortization Expense](index=24&type=section&id=Amortization%20Expense) Reports the amortization expense for intangible assets, broken down by business segment Amortization Expense by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | CooperVision | $7.7 | $8.3 | (7)% | | CooperSurgical | $42.6 | $38.2 | 12% | | **Total** | **$50.3** | **$46.5** | **8%** | - CooperSurgical's amortization expense increased primarily due to the amortization of intangible assets acquired through recent acquisitions[116](index=116&type=chunk) [Operating Income](index=24&type=section&id=Operating%20Income) Provides an analysis of operating income (loss) for each business segment and corporate activities Operating Income (Loss) by Segment (In millions) | Segment | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | % Change | | :---------------- | :-------------------------------- | :-------------------------------- | :---------------- | | CooperVision | $160.2 | $137.9 | 16% | | CooperSurgical | $21.6 | $(24.3) | 189% | | Corporate | $(20.1) | $(17.3) | 17% | | **Total** | **$161.7** | **$96.3** | **68%** | - CooperSurgical's operating income significantly improved from a loss in the prior year, primarily due to the absence of the **$45.0 million** acquisition termination fee accrual from 2023[119](index=119&type=chunk) [Interest Expense](index=25&type=section&id=Interest%20Expense) Explains the changes in interest expense, attributing them to debt levels and interest rates Interest Expense (In millions) | Period | 2024 | 2023 | % Change | | :-------------------------- | :---------------- | :---------------- | :---------------- | | Three Months Ended April 30, | $28.9 | $26.1 | 11% | | Six Months Ended April 30, | $58.8 | $52.2 | 13% | - Interest expense increased due to higher debt balances and rising interest rates[122](index=122&type=chunk) [Other Expense, Net](index=25&type=section&id=Other%20Expense,%20Net) Details the components of other expense, net, including foreign exchange gains/losses and minority investment impacts Other Expense, Net (In millions) | Component | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Foreign exchange loss (gain) | $2.5 | $2.8 | | Other expense, net | $0.3 | $1.8 | | **Total** | **$2.8** | **$4.6** | - Foreign exchange loss was primarily associated with the weakening of the U.S. dollar against foreign currencies[123](index=123&type=chunk) - Other expense, net decreased due to a reduction in loss on minority investments[124](index=124&type=chunk) [Provision for Income Taxes](index=25&type=section&id=Provision%20for%20Income%20Taxes) Discusses the effective tax rates and the factors influencing the company's income tax provision Effective Tax Rates | Period | 2024 | 2023 | | :-------------------------- | :---------------- | :---------------- | | Three Months Ended April 30, | 31.6% | 39.3% | | Six Months Ended April 30, | 32.0% | 33.7% | - The decrease in effective tax rates was primarily due to changes in the geographic composition of pre-tax earnings, partially offset by an increase in the UK statutory tax rate[125](index=125&type=chunk) [Capital Resources and Liquidity](index=26&type=section&id=Capital%20Resources%20and%20Liquidity) Examines the company's working capital, cash flow activities, debt arrangements, and ability to meet future financial obligations - Working capital increased to **$906.5 million** at April 30, 2024, from **$735.9 million** at October 31, 2023, driven by increases in trade accounts receivable, prepaid expenses, and inventories[128](index=128&type=chunk) Cash Flow Summary (Six Months Ended April 30, In millions) | Activity | 2024 | 2023 | | :-------------------------- | :---------------- | :---------------- | | Operating activities | $233.7 | $290.8 | | Investing activities | $(398.9) | $(195.3) | | Financing activities | $155.2 | $(124.4) | | Net decrease in cash | $(8.3) | $(26.5) | - Operating cash flow decreased due to changes in operating capital, while investing cash flow increased significantly due to the Cook Medical acquisition and capital expenditures[130](index=130&type=chunk)[131](index=131&type=chunk) - Financing cash flow shifted to a net inflow, primarily from drawing on the 2020 revolving credit for the Cook Medical acquisition, contrasting with net repayments in the prior year[132](index=132&type=chunk) - The Company believes current cash, operating cash flows, and available funds under the new 2024 Credit Agreement will be sufficient to meet anticipated cash needs for at least 12 months[134](index=134&type=chunk)[136](index=136&type=chunk) - The Board of Directors ended the semiannual dividend declaration in **December 2023**, and no share repurchases occurred during the six months ended April 30, 2024[137](index=137&type=chunk)[138](index=138&type=chunk) - A **four-for-one stock split** was effected on February 16, 2024, retroactively adjusting all share and per share information[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) This section details the Company's exposure to market risks, primarily related to foreign currency exchange rates and interest rates, and outlines strategies used to manage these risks [Foreign Currency Exchange Risk](index=28&type=section&id=Foreign%20Currency%20Exchange%20Risk) Assesses the company's exposure to fluctuations in foreign currency exchange rates and its hedging strategies - The Company is exposed to foreign currency risk from international operations, with a hypothetical **10%** increase or decrease in foreign exchange rates potentially impacting operating income by approximately **$28.3 million** for the fiscal quarter ended April 30, 2024[144](index=144&type=chunk)[145](index=145&type=chunk) - Foreign currency forward contracts are used to minimize short-term balance sheet exposure on trade and intercompany receivables and payables[144](index=144&type=chunk) [Interest Rate Risk](index=28&type=section&id=Interest%20Rate%20Risk) Evaluates the company's sensitivity to changes in interest rates on its variable-rate debt and its use of interest rate swaps - The Company is exposed to interest rate changes on its **$2.7 billion** outstanding variable-rate debt, including revolving lines of credit and term loans[146](index=146&type=chunk) - Interest rate swap contracts are utilized to manage interest rate risk, mitigating the material impact of a hypothetical **1%** interest rate change on quarterly interest expense[146](index=146&type=chunk)[147](index=147&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Company's disclosure controls and procedures and reports no material changes in internal control over financial reporting during the quarter [Evaluation of Disclosure Controls and Procedures](index=28&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Confirms the effectiveness of the company's controls for ensuring timely and accurate financial disclosures - Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of April 30, 2024, providing reasonable assurance for timely and accurate financial reporting[148](index=148&type=chunk) [Changes in Internal Control over Financial Reporting](index=28&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) Reports on any material changes to the company's internal control over financial reporting during the quarter - No changes in internal control over financial reporting occurred during the second quarter of fiscal 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[149](index=149&type=chunk) PART II. OTHER INFORMATION Covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the detailed information on legal proceedings provided in the notes to the consolidated financial statements - Information regarding legal proceedings is included in Note 10. Contingencies of the Consolidated Condensed Financial Statements[152](index=152&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section highlights that the Company's business faces significant risks, referring to the comprehensive list of risk factors in its Annual Report on Form 10-K, with no material changes reported in this quarterly filing - The Company's business faces significant risks, which are detailed in Item 1A. Risk Factors of its Annual Report on Form 10-K for the fiscal year ended October 31, 2023[153](index=153&type=chunk)[154](index=154&type=chunk) - No material changes to the previously disclosed risk factors have occurred[154](index=154&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides an update on the Company's share repurchase program, indicating no activity during the reported period - As of April 30, 2024, **$256.4 million** remains authorized for repurchase under the 2012 Share Repurchase Program[154](index=154&type=chunk) - No share repurchases were made during the six months ended April 30, 2024, or 2023[155](index=155&type=chunk) [Item 3. Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[156](index=156&type=chunk) [Item 4. Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company[157](index=157&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) This section reports no changes in Rule 10b5-1 trading arrangements by directors or officers during the period - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the six months ended April 30, 2024[158](index=158&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including employment agreements, credit agreements, certifications, and XBRL data - Exhibits include executive employment agreements, the new Revolving Credit Agreement dated May 1, 2024, and Amendment No. 2 to the 2021 Credit Agreement[161](index=161&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, are also filed[161](index=161&type=chunk) - The financial statements and related notes are provided in Inline XBRL format[161](index=161&type=chunk) SIGNATURES Contains the official certifications and signatures of the company's principal financial and accounting officers [SIGNATURES](index=31&type=section&id=SIGNATURES) This section contains the official signatures of the Company's Principal Financial Officer and Principal Accounting Officer, certifying the filing of the report - The report is signed by Brian G. Andrews, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer), and Agostino Ricupati, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer), on May 31, 2024[164](index=164&type=chunk)

The Cooper Companies, Inc. (NASDAQ:COO) Q2 2024 Earnings Conference Call May 30, 2024 5:00 PM ET Company Participants Kim Duncan - Vice President, Investor Relations & Risk Management Al White - President & Chief Executive Officer Brian Andrews - Chief Financial Officer & Treasurer Conference Call Participants Craig Bijou - Bank of America Larry Biegelsen - Wells Fargo Issie Kirby - Redburn Atlantic Jeff Johnson - Baird Jon Block - Stifel Robbie Marcus - JPMorgan Jason Bednar - Piper Sandler Anthony Petrone ...

For the quarter ended April 2024, The Cooper Companies (COO) reported revenue of $942.6 million, up 7.4% over the same period last year. EPS came in at $0.85, compared to $0.77 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $947.95 million, representing a surprise of -0.56%. The company delivered an EPS surprise of +2.41%, with the consensus EPS estimate being $0.83. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

分组1 - The Cooper Companies reported quarterly earnings of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, and showing an increase from $0.77 per share a year ago, resulting in an earnings surprise of 2.41% [1] - The company posted revenues of $942.6 million for the quarter ended April 2024, which was below the Zacks Consensus Estimate by 0.56%, but an increase from $877.4 million year-over-year [2] - The Cooper Companies has surpassed consensus EPS estimates two times over the last four quarters and topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed the market, losing about 3.7% since the beginning of the year, while the S&P 500 has gained 10.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.91 on revenues of $991.47 million, and for the current fiscal year, it is $3.50 on revenues of $3.87 billion [7] - The Medical - Dental Supplies industry, to which The Cooper Companies belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [8]