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The Cooper Companies Inc. (COO) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports net sales of $3,895.4 million, an increase from $3,593.2 million in the previous fiscal year. The increase in sales was driven by growth in both CooperVision and CooperSurgical segments.
CooperVision reported net sales of $2,609.4 million, up from $2,423.7 million the previous year. The growth was attributed to increased sales of silicone hydrogel contact lenses, particularly in the Americas and EMEA regions.
CooperSurgical's net sales increased to $1,286.0 million from $1,169.5 million, primarily due to acquisitions and increased revenue from fertility and office/surgical products.
The company reported a gross profit of $2,595.7 million, with a gross margin of 67%, consistent with the previous year's margin.
Operating income for the fiscal year was $705.7 million, an increase from $533.1 million in the previous year. This increase was primarily due to higher sales and operational efficiencies.
Interest expense increased to $114.3 million from $105.3 million, mainly due to higher interest rates and increased debt levels.
The provision for income taxes was $190.0 million, resulting in an effective tax rate of 32.6%, up from 28.7% in the previous year.
Net income for the fiscal year was $392.3 million, compared to $294.2 million in the prior year. Earnings per share were $1.96, up from $1.48.
The company reported cash flow from operating activities of $709.3 million, with capital expenditures totaling $421.2 million.
The Cooper Companies Inc. continues to focus on expanding its market presence through strategic acquisitions and investment in product innovation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Cooper Companies Inc. annual 10-K report dated December 6, 2024. To report an error, please email earnings@qz.com.