Cooper Stock Dives 25% After Earnings Warning
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Cooper Companies Inc. stock plunged 25%, or $4.19 a share Wednesday, to $12.63 after the Irvine-based company said it expects sales and earnings for its fiscal first quarter to fall short of analysts’ estimates.
The maker of eye care and other health care products said it expects to report earnings per share in the 16- to 18-cents range when it releases final quarterly figures on Feb. 23. A year ago, the company earned 40 cents a share.
Wall Street analysts had been predicting a profit of about 30 cents a share for the company’s first quarter, which ends Jan. 31.
Cooper was unable to begin production on several contact lens products during the quarter, hurting sales of its CooperVision unit, said A. Thomas Bender, the company’s president and chief executive.
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