Coherent, Inc. (NASDAQ:COHR) recently set a new 52-week high just after announcing its third-quarter results. The company also released one of the most powerful lasers commercially available on July 30th.
Coherent, Inc. develops and manufactures a variety of laser and optical systems and components, which include a variety of applications from medical research to visual entertainment. The company supplies manufacturers, research facilities, and universities across Asia, Europe, and North America.
The company is headquartered in Santa Clara, California, has over 2,300 employees, and a market cap of over $8.5 billion.
A Solid Quarter
On July 30th Coherent announced results for the third fiscal quarter which included earnings of 35 cents per share. In comparison, earnings in the previous quarter were 24 cents per share and one year ago the company lost 2 cents per share.
The company also reported a 10% year-over-year increase in net sales, $157.0 million up from $142.6. Coherent's book-to-bill ratio is .95 and has a back log of $188.6 million.
Unveiling the Highest Powered UV Laser
The company announced on July 30th that it is now selling the highest powered commercially available laser at its wavelength and repetition rate. The new model, AVIA 355-28, features Coherent's proprietary technology that reduces cost of ownership and maintains the laser's power over its life span. Chip and semiconductor makers will use the AVIA 355-28 in a variety of applications.
Analysts are Bullish on Coherent
Earnings estimates for the current year and next year have risen 13.7% and 4.8%, respectively, within the last month. Coherent has a projected growth rate of 19%, a Zacks #1 rank, and an Average Broker Recommendation of 1.67.
Shares of COHR have been trading in an up trend since the beginning of July and have recently set a 52-week high at $37.82. The stock continues to trade toward the top of the channel, after rebounding off of a support level at $29. Take a look at the chart below.