Cooper Cos. warned Thursday that its 2005 revenue wouldn’t meet expectations but reaffirmed its profit guidance.
Wall Street shrugged off the sales warning, sending Cooper shares 7% higher in midday trading to nearly $63.
The Lake Forest-based maker of contact lenses and surgical equipment now expects sales of $840 million to $850 million, down from a previous estimate of $867 million and $850 million.
The revenue forecast slide stems from Cooper’s $1.2 billion buy of Ocular Sciences Inc. The company said the reduction is from continuing sales force integration, territory realignment and training disruptions following the acquisition earlier this year.
Cooper also said it’s working off high inventory levels of Ocular Science’s spherical contact lenses in the U.S.
Cooper, however, reaffirmed its full-year net income guidance of between $135 million and $140 million, exclusive of onetime acquisition and restructuring charges.
