Coherent, Inc. Reports Second Fiscal Quarter Results

SANTA CLARA, Calif., May 9, 2017

FINANCIAL HIGHLIGHTS

	Three Months Ended												Six Months Ended
	April 1, 2017				December 31, 2016 ARIVA.DE Börsen-Geflüster Kurse Coherent -   0,00%				April 2, 2016				April 1, 2017				April 2, 2016
GAAP Results
(in millions except per share data)
Net sales	$	422.8			$	346.1			$	199.9			$	768.9			$	390.2
Net income	$	41.8			$	30.4			$	17.8			$	72.3			$	38.1
Diluted EPS	$	1.69			$	1.23			$	0.73			$	2.93			$	1.57
Non-GAAP Results
(in millions except per share data)
Net income	$	72.1			$	63.4			$	25.3			$	135.5			$	49.3
Diluted EPS	$	2.91			$	2.57			$	1.04			$	5.49			$	2.03

2017 SECOND FISCAL QUARTER DETAILS

For the second fiscal quarter ended April 1, 2017, Coherent announced net sales of $422.8 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $41.8 million, or $1.69 per diluted share.  These results compare to net sales of $199.9 million and net income of $17.8 million, or $0.73 per diluted share, for the second quarter of fiscal 2016.

Non-GAAP net income for the second quarter of fiscal 2017 was $72.1 million, or $2.91 per diluted share.  Non-GAAP net income for the second quarter of fiscal 2016 was $25.3 million, or $1.04 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended April 1, 2017, December 31, 2016 and April 2, 2016 and six months ended April 1, 2017 and April 2, 2016 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income."

Net sales for the first quarter of fiscal 2017 were $346.1 million and net income, on a GAAP basis, was $30.4 million, or $1.23 per diluted share. Non-GAAP net income for the first quarter of fiscal 2017 was $63.4 million, or $2.57 per diluted share.

As previously announced, on November 7, 2016, Coherent completed its acquisition of Rofin-Sinar Technologies, Inc. ("Rofin"), one of the world's leading developers and manufacturers of high-performance industrial laser sources and laser-based solutions and components. As a result, Rofin's operating results were consolidated for the period from November 7, 2016 through December 31, 2016 in Coherent's first fiscal quarter results ended December 31, 2016, and a full quarter of Rofin's operating results in Coherent's second fiscal quarter results ended April 1, 2017.

"Coherent delivered operating results that exceeded the high end of guidance with almost all markets and geographies making contributions. We are seeing unprecedented demand across many of our verticals as we capitalize upon market trends as well as R&D investments made over the last few years.  The largest opportunity is in FPD where customers are projecting capacity at the high-end of our model.  We will likely make additional capital investments during fiscal 2018 in system test, optics fabrication and depot repair to address the demand.  We are also encouraged by the performance of our materials processing business, especially the early traction with high power fiber lasers," said John Ambroseo, Coherent's President and CEO.  "Our balance sheet is also in very good shape.  The record results led to meaningful cash generation and we have voluntarily begun to pay down the debt we assumed in conjunction with the acquisition of Rofin-Sinar.  In addition, a favorable credit environment in Europe has enabled us to reprice the Euro denominated debt to 3.0% from 4.25%.  This is an outstanding outcome that will allow us to accelerate pay down of the debt," Ambroseo added.

On May 8, 2017, Coherent entered into a repricing amendment to its Credit Agreement to, among other things, reflect a reduction in the interest rate on borrowings for its Euro Term Loan. As a result of a voluntary prepayment, the outstanding principal amount repriced was 636.7 million Euro (approximately $680 million).

CONFERENCE CALL REMINDER

The Company will host a conference call today to discuss its financial results at 1:30 P.M. Pacific (4:30 P.M. Eastern). A listen-only broadcast of the conference call and a transcript of management's prepared remarks can be accessed on the Company's website at http://www.coherent.com/Investors/. For those who are not able to listen to the live broadcast, the call will be archived for approximately three months on the Company's website.

Summarized statement of operations information is as follows (unaudited, in thousands except per share data):

	Three Months Ended												Six Months Ended
	April 1, 2017				December 31, 2016				April 2, 2016				April 1, 2017				April 2, 2016
Net sales	$	422,833			$	346,073			$	199,882			$	768,906			$	390,157 Werbung Mehr Nachrichten zur Coherent Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:55 - PR Newswire Capital Gearing Trust Plc - Transaction in Own Shares 09:13 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 04:20 - PR Newswire Norges Bank - Form 8.3 - Anglo American plc Vor Neubewertung    Geheimtipp aus der 2. Reihe könnte Kursbooster für dein Depot sein weiterlesen» Anzeige wo-site-teaser-box-16905_site-teaser-box_2024-05-10_08%253A00%253A00_2024-05-11_09%253A00%253A59