Thu, Nov. 5, 11:02 AM
- With expectations fairly low following the company's July FQ3 miss, Coherent (NASDAQ:COHR) has soared above $63 with the help of a 110 bps Q/Q and 410 bps Y/Y increase in adjusted gross margin to 44.6%. In addition, bookings (though still slightly below revenue of $209.6M) rose 16.3% Q/Q and 12.4% Y/Y to $205.4M.
- The beat is overshadowing FQ1 revenue guidance (provided on the earnings call) of $192M-$198M, below a $202.4M consensus. GM is expected to drop to 42.5%-43%, thanks partly to higher neon gas prices (caused by a supply shortage).
- The industrial laser maker notes a favorable product mix and lower warranty costs boosted its bottom line. Also lifting EPS: $50M was spent to buy back 868K shares, and GAAP operating expenses fell by $1.6M Y/Y to $55.4M.
- Microelectronics was a strong point in FQ4, with revenue rising 20.5% Q/Q due to the shipment of a Linebeam 1500 system for OLED manufacturing. Coherent thinks OLED industry investments could lead to "substantial" FY16 orders, with deliveries running well into FY17.
- FQ4 results, PR
Wed, Nov. 4, 4:09 PM
Tue, Nov. 3, 5:35 PM
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Thu, Sep. 24, 5:47 PM
Tue, Aug. 25, 6:30 PM| Tue, Aug. 25, 6:30 PM | Comment!
Thu, Jul. 30, 4:05 PM
Wed, Jul. 29, 5:35 PM
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Thu, May 21, 3:04 PM
- Today's notable tech gainers include Chinese online travel firms Qunar (QUNR +5%) and eLong (LONG +6.8%), Chinese IM/entertainment/gaming platform YY (YY +4.4%), flash storage array vendor Violin Memory (VMEM +3.9%), online furniture retailer Wayfair (W +5%), and industrial laser maker Coherent (COHR +4.9%). The Nasdaq is up 0.4%.
- Notable decliners include solar installer SPI (OTCQB:SOPW -4.8%) and unstructured data management software firm Varonis (VRNS -5.1%).
- Qunar is making fresh highs, and eLong is up 17% over the last two days. YY is recovering some of last week's post-earnings losses. Wayfair posted a Q1 beat 9 days ago. Violin, which saw insider buying in March, posts FQ1 results on June 2. Varonis is two weeks removed from plunging due to a Q1 revenue miss and soft guidance.
- Previously covered: Salesforce, NetApp, Youku, Stratasys, Shopify, Trina, OpenText, Cree, Wave Systems
Thu, Apr. 30, 4:00 PM
- Though industrial laser maker Coherent (COHR -5.7%) beat FQ2 estimates, it guided on its CC (transcript) for FQ3 revenue of $190M-$210M, mostly below a $209.6M consensus. The company also guided for FY15 (ends Sep. '15) revenue of $820M-$830M, below an $840.9M consensus.
- Peers IPG Photonics (IPGP -4.1%), Newport (NEWP -5.2%), and Rofin-Sinar (RSTI -2.8%) have joined Coherent in underperforming amid a 1.8% drop for the Nasdaq. Laser component makers II-VI (IIVI -6.2%) and GSI Group (GSIG -4.8%) have also sold off.
- Coherent partly blamed its guidance on a strong dollar. However, the company also noted "capex investments have been muted despite continued growth in bit and device output due, in part to yield and process enhancements" - capex budget cuts from chip giants Intel and TSMC were highlighted - and that a $10M deal for a consumer electronics packaging laser project fell through when the customer "decided to stick with their current process and reuse existing equipment."
- FQ2 book-to-bill was still a solid 1.08, and Coheren't backlog of orders expected to ship within 12 months was up 4% Y/Y to $315.3M. Materials processing and instrumentation/OEM component orders were strong, while microelectronics (chip) industry orders were soft.
- IPG is down 6% since posting mixed Q1 results and solid Q2 guidance on Tuesday morning. II-VII is down 5% since providing an FQ3 beat at the same time.
Wed, Apr. 29, 4:13 PM
Tue, Apr. 28, 5:35 PM
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Fri, Jan. 30, 12:45 PM
Fri, Jan. 30, 12:39 PM
- With shares having gone into trading near their 52-week low of $53.76, Coherent's (NASDAQ:COHR) FQ1 beat is easily overshadowing light FQ2 guidance: Revenue of $195M-$205M vs. a $209.2M consensus.
- Also helping: The industrial laser vendor has launched a new $25M buyback (good through Jan. 2016), and stated on its CC (transcript) it expects fiscal 2H revenue to be up ~10% from 1H levels. A $25M buyback launched last July has been used up.
- With OEM order timings and soft European sales weighing on results, FQ1 bookings fell 19% Y/Y to $162.5M, and book-to-bill was 0.81. Strong Asian life sciences demand is boosting sales of Coherent's Chameleon lasers.
- FQ1 results, PR
Thu, Jan. 29, 4:26 PM
Wed, Jan. 28, 5:35 PM
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Nov. 4, 2014, 4:20 PM
Coherent Inc is a supplier of photonics-based solutions in a range of commercial and scientific research applications. It designs, manufactures, services and markets lasers and related accessories for a diverse group of customers.
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