Coherent Slips To Loss In Q2, Adj. EPS Tops Estimates; Issues Outlook For Q3, FY23

(RTTNews) - Laser equipment manufacturer Coherent Inc. (COHR) on Wednesday reported that its second-quarter net loss was $45.1 million or $0.58 per share, compared to profit of $67.7 million or $0.44 per share a year ago.

Adjusted net earnings were $171.4 million or $0.95 per share, compared to $124.1 million or $0.92 per share last year.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues climbed 70 percent to $1.37 billion from prior year's $806.8 million. Organic revenue growth was 23 percent. Analysts expected revenues of $1.37 billion.

Backlog of $2.9 billion surged 68 percent year-over-year.

Looking ahead for the third quarter, the company projects adjusted earnings per share of $0.75 to $0.90 on revenues of $1.32 billion to $1.37 billion.

The Street estimates the company to earn $0.88 per share for the quarter on revenues of $1.35 billion.

For fiscal 2023, Coherent expects revenue between $5.35 billion to $5.50 billion. Analysts expect revenues of $5.43 billion for the year.

In pre-market activity on Nasdaq, Coherent shares were gaining around 2.5 percent to trade at $45.