Rofin-Sinar Technologies, Inc.NASDAQ
Rofin-Sinar Making Progress, But Not Particularly Quickly Or Dramatically
Stephen Simpson, CFA
Stephen Simpson, CFA
Tue, Aug. 9, 8:03 AM
Mon, Aug. 8, 5:30 PM
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Thu, Mar. 17, 12:49 PM
Thu, Mar. 17, 9:15 AM| Thu, Mar. 17, 9:15 AM
Wed, Mar. 16, 4:54 PM
- Coherent (NASDAQ:COHR) is acquiring industrial laser peer Rofin-Sinar (NASDAQ:RSTI) for $942M, or $32.50/share, in cash. The price represents a 42% premium to Rofin's Wednesday close.
- The deal is expected to close in 6-9 months, provided shareholders and regulators approve. For reference, Coherent closed today with a $2.06B market cap.
- Coherent plans to finance the purchase via existing cash and committed debt financing from Barclays. CEO John Ambroseo: "The combination of Coherent and ROFIN represents a unique opportunity to strengthen Coherent's position in materials processing. The addition of ROFIN's complementary portfolio will build on Coherent's capabilities as a world leader in laser and photonics-based technology and solutions and create meaningful value for our stockholders." Rofin CEO Thomas Merk declares the two companies to be "highly complementary both technologically and geographically."
- The deal is expected to be accretive to EPS in its first full year after closing, and produce $30M/year in synergies within 18-24 months of closing. It could stoke M&A hopes for peers IPG Photonics (NASDAQ:IPGP), Newport (NASDAQ:NEWP), and GSI Group (NASDAQ:GSIG).
- COHR and RSTI appear to be halted. CC at 5PM ET (webcast).
- Update (5:43PM ET): After coming off a halt, Rofin-Sinar is up 44% after hours to $33.00. The price suggests some investors are betting on a higher bid.
Thu, Feb. 4, 8:16 AM
- Rofin-Sinar Technologies (NASDAQ:RSTI): FQ1 EPS of $0.23 in-line.
- Revenue of $112.5M (-8.1% Y/Y) misses by $4.08M.
Wed, Feb. 3, 5:30 PM
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Tue, Feb. 2, 1:17 PM
- Longbow Research's Joe Wittine has downgraded Rofin-Sinar (RSTI -3.6%) to Neutral. He cites a distracting proxy fight activist SilverArrow Capital has nominated three board candidates for election at Rofin's 2016 annual meeting - as well as macro uncertainty and a "competitive race" to be second in the high-power fiber laser market behind IPG Photonics (IPGP -0.8%).
- Rofin is selling of four days after rallying (along with IPG and others) after industrial laser peer reported major OLED-related laser bookings; the Nasdaq is down 1.8%. The company's FQ1 results arrive on Thursday; IPG reports on Feb. 12.
Fri, Jan. 29, 12:39 PM
- Coherent (COHR +20.5%) missed FQ1 sales estimates (while beating on EPS) and guided on its earnings call (transcript) for FQ2 revenue of $195M-$200M, below a $208.7M consensus.
- However, the industrial laser maker also reported FQ1 bookings totaled $273M, up 32.9% Q/Q and 68% Y/Y, and good for a 1.43 book-to-bill. Moreover, a fresh bookings record is forecast for FQ2, and orders are expected to remain strong in the second half of FY16.
- CEO John Ambroseo attributed the numbers to strong OLED manufacturing-related orders for Coherent's Linebeam systems. "The first wave of orders for large format Linebeam systems to be used in OLED production accounted for the bookings increase. The second wave has already arrived in the current quarter with an order well in excess of $150 million. There are a significant number of orders pending for the balance of the second quarter and for the remainder of fiscal 2016 ... We can tell you that deliveries begin in the June quarter and run through calendar 2017."
- The disclosure comes shortly after LG Display announced new investments to ramp OLED TV panel production, and amid reports Apple plans to use OLEDs in future iPhones (one report indicated a 2018 ETA).
- OLED materials/IP provider Universal Display (OLED +8.6%) is up strongly. Coherent peers Rofin-Sinar (RSTI +4.3%), IPG Photonics (IPGP +2.6%), and Newport (NEWP +3.5%) are also doing well. The Nasdaq is up 1.5%.
- Coherent's FQ1 results, earnings release
Nov. 12, 2015, 8:07 AM
- Rofin-Sinar Technologies (NASDAQ:RSTI): FQ4 EPS of $0.52 beats by $0.02.
- Revenue of $142M (-2.8% Y/Y) beats by $5.57M.
Nov. 11, 2015, 5:30 PM
Aug. 6, 2015, 8:06 AM
- Rofin-Sinar Technologies (NASDAQ:RSTI): FQ3 EPS of $0.41 in-line.
- Revenue of $132.55M (-1.3% Y/Y) misses by $1.77M.
May 7, 2015, 8:01 AM
- Rofin-Sinar Technologies (NASDAQ:RSTI): Q1 EPS of $0.31 beats by $0.08.
- Revenue of $122.72M (-4.6% Y/Y) misses by $2.38M.