Coherent Reports $1.23B in Revenue at Close of Fourth Quarter
Laser and laser-based systems provider Coherent Inc. reported net sales of $1.23 billion and net loss on a GAAP basis of $414.1 million, or $17.18 per diluted share, for the fiscal year ending Oct. 3, 2020. The totals compare to the previous year’s net sales of $1.43 billion and net income on a GAAP basis of $53.8 million, or $2.22 per diluted share.
Coherent posted net income on a non-GAAP basis of $72.6 million for the year, or $3 per diluted share, compared to the prior year net income on a non-GAAP basis of $143.8 million, or $5.92 per diluted share.
For its fourth quarter, the company posted net sales of $316.8 million and net income (GAAP basis) of $7.7 million, or 32 cents per diluted share. The results compare to net sales of $335.5 million and net income of $0.6 million, or 3 cents per diluted share, for the fourth quarter of 2019, as well as net sales of $298.3 million and net loss of $8.7 million, or 36 cents per diluted share, for this year’s third quarter of 2020.
Coherent reported that non-GAAP net income for the fourth quarter was $24.5 million, or $1.01 per diluted share, compared to non-GAAP net income for the fourth quarter of 2019, of $21.4 million, or 89 cents per diluted share. Non-GAAP net income for the third quarter of 2020 was $12.6 million, or 52 cents per diluted share.
The company beats the Zacks consensus estimate (ZCE) of 84 cents per share by 17 cents. The ZCE for total revenue was $310.6 million.
"Our Q4 financial results demonstrated early progress in our good to great transformation,” said Coherent President and CEO Andy Mattes.
“We grew bookings and revenue from Q3, and with many of the university and research facilities re-opening, the scientific and OEM instrumentation markets were the key drivers in the quarter. Our focus on operational excellence and maintaining a strong balance sheet manifested itself in improved sequential margins and strong growth in our fiscal year end cash balance.
"I've now passed the six-month mark with the company and I continue to be energized by the number of opportunities in innovative markets like microelectronics, instrumentation, precision manufacturing, and aerospace and defense."
An annual gross profit of $410.9 million is down from last year’s profit mark of $486.5 million. For the quarter, Coherent reported a year-over-year decrease of almost $4 million, and a total of $112.2 million. The company’s operating expenses for the fiscal year more than doubled, from $403.4 million to $841.1 million.
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