Shares of Cooper Cos. fell nearly 10% Wednesday, a day after it said its quarterly profit fell short of analysts’ expectations because of production and shipping delays and other problems.
The Lake Forest-based maker of contact lenses and women’s surigical devices said its quarterly profit was up 55% from a year earlier,that still was fell short of expectations.
The company also cut its outlook for 2007.
Cooper made $14.1 million in the quarter ended Sept. 30. Sales were down 2% from a year earlier to $216 million.
Analysts had expected Cooper to make $35.2 million on sales of $234.4 million in the quarter.
Cooper’s results were impacted by several issues, including shipping delays in September and October, a slowdown in the global contact lens market and “slower than anticipated acceptance” of new contact lenses in North America and Japan, Chief Executive A. Thomas Bender said.
For the 12 months through Sept. 30, Cooper’s profit was down 27% to $68.3 million. Sales were up 6.5% to $859 million.
Cooper also cut its profit and revenue forecast for the 12 months through next September.
The company said it now expects to earn $129.1 million to $135.8 million on sales of $920 million to $960 million.
Before, Cooper projected profits of $149.2 million to $178.1 million on sales of $948 million to $1 billion.
Analysts expect Cooper to earn $143.4 million on revenue of $958.9 million next year.
Shares closed at $44.59 on Wednesday.
