The Cooper Companies guided to fourth-quarter non-GAAP earnings per share of $1.05 to $1.09 and said its board has concluded its strategic review, unanimously deciding to retain CooperSurgical rather than pursue a transaction. For the quarter, the company expects consolidated revenue of $1.057 billion to $1.08 billion, organic growth of 0% to 2%, with CooperVision revenue of $692 million to $706 million, down 2% to flat organically, and CooperSurgical revenue of $364 million to $374 million, up 4% to 6% organically. In its fiscal third quarter, consolidated revenue was $1.066 billion, up about 1% on both a reported and organic basis, non-GAAP EPS rose 4% to $1.15, and free cash flow reached a record $273 million. The quarter included a discrete tax benefit of approximately $307 million after the favorable completion of HMRC's examination of the fiscal 2021 transfer of intellectual property and related assets to the U.K., and the board approved a $1 billion increase to the share repurchase authorization, bringing remaining capacity to approximately $1.5 billion. CooperVision's results were weighed down by a proactive reduction of U.S. channel inventory that management said is about halfway complete and will continue to affect the fourth quarter, while the company flagged greater commercial investments, additional FX headwinds and lower tariff refunds as pressures on fourth-quarter margins.
The Cooper Companies, IncBoard concluded strategic review, retaining CooperSurgical, and added $1B to buyback, alongside Q4 EPS guidance and record FCF.
