Coherent Q1 Profit Down

(RTTNews) - Coherent Inc. (COHR), a provider of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial applications, reported that its net income for its first fiscal quarter ended December 28, 2019 decreased to $5.80 million or $0.24 per share from $35.6 million or $1.45 per share in the first quarter of fiscal 2019.

Non-GAAP net income for the first quarter was $20.7 million or $0.86 per share, compared to $51.1 million or $2.09 per share in the previous year.

Quarterly net sales declined to $320.8 million from $383.1 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share and revenues of $318.23 million for the quarter. Analysts' estimates typically exclude special items.

The company also announced that its Board has approved an authorization for the Company to repurchase an aggregate of $100 million of its common stock. The program will expire on January 31, 2021 if not fully utilized earlier.

The company notes that it continues to monitor the dynamic and evolving impact on global trade stemming from the novel coronavirus outbreak. It has assumed a revenue decrease of $20 million to $25 million as the impact on second fiscal quarter outlook.