CooperCompanies Announces Fourth Quarter and Full Year 2019 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Dec. 05, 2019 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for the fiscal fourth quarter and full year ended October 31, 2019.\n Fourth quarter revenue increased 6% year-over-year to $691.6 million. Fiscal 2019 revenue increased 5% to $2,653.4 million.Fourth quarter GAAP diluted earnings per share (EPS) $2.42, up 40 cents or up 20% from last year's fourth quarter. Fiscal 2019 GAAP diluted EPS $9.33, up 232% from fiscal 2018.Fourth quarter Non-GAAP diluted EPS $3.30, up 43 cents or 15% from last year’s fourth quarter. Fiscal 2019 non-GAAP diluted EPS $12.35, up 7% from fiscal 2018. See “Reconciliation of GAAP Results to Non-GAAP Results” below. Commenting on the results, Albert White, Cooper’s president and chief executive officer said, \"We closed this year on a high note with a strong fourth quarter driving record full-year revenues and profits. We continued to execute on our growth strategies across both businesses, delivering strength across key products and geographies. As we enter fiscal 2020, we believe we are well positioned to continue producing strong results and driving market penetration.\" Fourth Quarter Operating Results Revenue $691.6 million up 6% from last year’s fourth quarter, up 7% pro forma.Gross margin 66% consistent with 66% in last year’s fourth quarter. On a non-GAAP basis, gross margin was 67% compared with 66% last year's fourth quarter primarily from currency.Operating margin 21% compared with 19% in last year’s fourth quarter as a result of operating expense leverage. On a non-GAAP basis, operating margin was 28% compared with 27% last year.Interest expense $14.6 million compared with $22.8 million in last year's fourth quarter primarily due to lower average debt balances and interest rates.Total debt outstanding at the end of the quarter was $1,826.3 million with quarter-end cash and cash equivalents of $89.0 million. Adjusted leverage ratio (net debt over adjusted EBITDA) of 1.85 times.Cash provided by operations $199.9 million offset by capital expenditures $84.8 million resulted in free cash flow of $115.1 million. Fourth Quarter CooperVision (CVI) Operating Results Revenue $509.6 million, up 6% from last year’s fourth quarter, up 7% pro forma.Revenue by category: (In millions) % of CVI Revenue %chg Pro forma %chg 4Q19 4Q19 y/y y/y Toric$155....

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