Coherent Corp Reports Q4 and Fiscal Year 2024 Financial Results
Intellectia.AI Updated: 2024-08-16
Coherent Corp. Reports Q4 and Fiscal Year 2024 Financial Results
Coherent Corp. (NYSE: COHR), a global leader in materials, networking, and lasers, announced its financial results for the fiscal fourth quarter and full year ended June 30, 2024.
Consolidated Financial Metrics
| Metric | Q4 FY2024 | Q4 FY2023 | QoQ Change | YoY Change | Consensus Estimate |
|---|---|---|---|---|---|
| Revenue | $1.314B | $1.204B | +9.1% | +10.0% | $1.28B |
| GAAP EPS | -$0.52 | -$1.54 | N/A | N/A | N/A |
| Non-GAAP EPS | $0.61 | $0.41 | N/A | +49% | $0.59 |
Interpretation: Coherent Corp. exhibited strong financial performance in Q4 FY2024, achieving a revenue of $1.314 billion which surpassed the consensus estimate of $1.28 billion by 2.7%. The non-GAAP earnings per share (EPS) also exceeded expectations at $0.61 versus an estimate of $0.59, indicating solid profitability improvement on a year-over-year (YoY) basis of 49%.
Segment Revenue Performance
| Segment | Q4 FY2024 Revenue | Prior Guidance | QoQ Change | YoY Change |
|---|---|---|---|---|
| Communications | +10% | Not Provided | +10% | Not Provided |
| Datacom Transceivers | Not Provided | Not Provided | Not Provided | Not Provided |
| Display Capital Equipment | Not Provided | Not Provided | Not Provided | Not Provided |
Interpretation: Coherent’s Communications segment alone delivered a sequential revenue growth of 10%, largely propelled by AI-related Datacom transceiver sales. However, specific dollar amounts for individual segments were not provided in the earnings release.
Comments from Company Officers
Jim Anderson, CEO, expressed optimism about the company's potential based on recent engagements with employees and customers, citing Coherent's innovative drive and numerous growth opportunities. Rich Martucci, Interim CFO, highlighted the 9% sequential revenue increase, driven predominantly by strong AI-related Datacom transceiver business, alongside improvements in gross margins.
Forward Guidance
| Metric | Q1 FY2025 Guidance |
|---|---|
| Revenue | $1.27B - $1.35B |
| Non-GAAP Gross Margin | 36% - 38% |
| Non-GAAP Operating Expenses | $260M - $280M |
| Non-GAAP Tax Rate | 20% - 23% |
| Non-GAAP EPS | $0.53 - $0.69 |
Stock Price Movement
Post-earnings release, Coherent's stock experienced a significant increase, closing with a 6.40% gain, reflecting positively on the market's reception of the company's financial performance and forward guidance.
Summary
Coherent Corp.’s Q4 FY2024 earnings surpassed Wall Street estimates both in terms of revenue and non-GAAP EPS. Strategic segment performance and optimistic forward guidance paint a promising picture for the company's future. The strong market reaction post-earnings release further underscores investor confidence in Coherent's trajectory.
The report has been organized into a clear and concise format suitable for investors.
