Coherent Q1 Profit Declines - Quick Facts

(RTTNews) - Coherent, Inc. (COHR) reported first-quarter net income of $11.70 million, or $0.47 per share, compared to $14.15 million or $0.58 per share, last year. Non-GAAP net income was $17.1 million, or $0.68 per share, for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.81 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $193.56 million, compared to $183.20 million, a year ago. Analysts expected revenue of $197.73 million for the quarter.

"Despite first quarter sales and income that were below our expectations due in large part to unexpected softness in the advanced packaging market, recent bookings suggest the long-term outlook remains positive. In the beginning of our second quarter, Coherent received record orders of $101.4 million for FPD annealing lasers. The orders included a number of Vyper/Linebeam 750 laser systems as well as several units of a higher-performance system derived from our Linebeam 1300 product. These advanced systems have an average selling price of $20 million and first deliveries will occur in fiscal 2015," said John Ambroseo, Coherent's President and CEO.