Coherent Down 10% As Q3 Results, Outlook Below Street View

(RTTNews) - Shares of Coherent Corp. (COHR) are trading down 10% Wednesday morning after the company's third-quarter results came in below the consensus estimates. Coherent's fourth-quarter as well as full-year outlook also stand below the Street view.

Coherent develops, manufactures, and markets engineered materials, optoelectronic components, and devices.

The company reported a net loss of $33.53 million or $0.24 per share for the third quarter, compared with earnings of $31.85 million or $0.28 per share last year, hurt by higher expenses.

Excluding special items, earnings were $0.58 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.82 per share.

Quarterly revenue, however, increased to $1.24 billion from $827.72 million last year, but came in below the consensus estimate of $1.34 billion.

Looking forward to the fourth quarter, the company sees revenue in the range of $1.125 billion - $1.175 billion and adjusted EPS in the range of $0.33-$0.43. Analysts expect the company to report earnings of $0.87 per share on revenue of $1.34 billion for the quarter.

For the full year, revenue is expected between $5.08 billion and $5.15 billion. The consensus estimate stands at $5.4 billion.

COHR is at $28.84 currently. It has traded in the range of $26.29-$66.85 in the last 1 year.