J.P. Morgan Reports Solid 1Q Results For The Cooper Companies

In a report published by J.P. Morgan, The Cooper Companies COO saw a solid 1Q result and the estimates are being raised.

J.P. Morgan said that Cooper reported a solid 1Q result on Thursday night, and it is raising its estimates for 2011 and beyond. “First quarter sales of $293 million (+13%, +12%cc) topped Street consensus by $8 million. On an organic basis, growth in the quarter was closer to 5%, excluding a $10M rebate adjustment in F1Q10 as well as $5.4M in sales from the Aime acquisition. Adjusted EPS of $0.85 came in $0.17 above the Street, aided by lower interest expense and a lower tax rate, with the tax rate driving $0.07 of upside versus our estimate.”

The Cooper Companies closed yesterday at $63.62.