PITTSBURGH - Coherent Corp. (NYSE:COHR) reported fourth quarter earnings that topped analyst estimates, but shares slipped 1.7% in after-hours trading as the company provided mixed guidance for the current quarter.
The materials, networking and laser company posted adjusted earnings per share of $0.61, beating the consensus forecast of $0.60. Revenue rose 9.1% year-over-year to $1.31 billion, exceeding expectations of $1.28 billion.
"Fourth quarter fiscal 2024 revenue increased by 9% on a sequential basis primarily driven by ongoing AI-related strength in our Datacom transceiver business," said Rich Martucci, Interim CFO.
For the first quarter of fiscal 2025, Coherent expects revenue between $1.27 billion and $1.35 billion, compared to analyst estimates of $1.3 billion. The company forecasts adjusted EPS of $0.53 to $0.69, straddling the $0.64 consensus.
Gross margin is projected to be 36-38% on a non-GAAP basis in Q1, while operating expenses are expected to range from $260 million to $280 million.
CEO Jim Anderson expressed optimism about Coherent's potential, stating: "Coherent is a deeply innovative company with many secular growth opportunities."
The company highlighted strong sequential growth in 800G AI-related Datacom transceiver revenue during the quarter. Coherent also received its first volume order for new Linebeam annealing systems for Gen 8 fabs, driven by initial OLED adoption in tablets and laptops.
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