Coherent, Inc. Reports Fourth Fiscal Quarter and Year-End Results

SANTA CLARA, Calif., Nov. 9, 2021

FINANCIAL HIGHLIGHTS

	Three Months Ended												Year Ended
	Oct. 2, 2021				Jul. 3, 2021 ARIVA.DE Börsen-Geflüster Kurse Coherent -   0,00%				Oct. 3, 2020				Oct. 2, 2021				Oct. 3, 2020
GAAP Results
(in millions except per share data)
Net sales	$	391.7			$	395.8			$	316.8			$	1,487.5			$	1,229.0
Net income (loss)	$	21.1			$	30.3			$	7.7			$	(106.8)			$	(414.1)
Diluted EPS	$	0.85			$	1.22			$	0.32			$	(4.38)			$	(17.18)
Non-GAAP Results
(in millions except per share data)
Net income	$	44.0			$	44.9			$	24.5			$	150.8			$	72.6
Diluted EPS	$	1.77			$	1.81			$	1.01			$	6.10			$	3.00

FOURTH FISCAL QUARTER AND FISCAL YEAR DETAILS

For the fourth fiscal quarter ended October 2, 2021, Coherent announced net sales of $391.7 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $21.1 million, or $0.85 per diluted share.

These results compare to net sales of $316.8 million and net income of $7.7 million, or $0.32 per diluted share, for the fourth quarter of fiscal 2020, and net sales of $395.8 million and net income of $30.3 million, or $1.22 per diluted share, for the third quarter of fiscal 2021.

Non-GAAP net income for the fourth quarter of fiscal 2021 was $44.0 million, or $1.77 per diluted share.  Non-GAAP net income for the fourth quarter of fiscal 2020 was $24.5 million, or $1.01 per diluted share. Non-GAAP net income for the third quarter of fiscal 2021 was $44.9 million, or $1.81 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended October 2, 2021, July 3, 2021, and October 3, 2020 and for the fiscal years ended October 2, 2021 and October 3, 2020 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income (loss)."

For the fiscal year ended October 2, 2021, Coherent posted net sales of $1,487.5 million and net loss on a GAAP basis of $106.8 million, or $4.38 per diluted share, compared to the prior year net sales of $1,229.0 million and net loss on a GAAP basis of $414.1 million, or $17.18 per diluted share. The net loss for fiscal 2021 includes $182.3 million, net of tax, in merger and acquisition costs, primarily due to a merger agreement termination fee paid to Lumentum Holdings Inc. The net loss for fiscal 2020 includes $424.3 million, net of tax, in non-cash goodwill and other impairment charges, primarily related to the impairment of all goodwill and certain long-lived assets in our Industrial Lasers & Systems segment in the second quarter. For the fiscal year ended October 2, 2021, Coherent posted net income on a non-GAAP basis of $150.8 million, or $6.10 per diluted share, compared to the prior year net income on a non-GAAP basis of $72.6 million, or $3.00 per diluted share.

"We're pleased to have delivered another quarter and full year of strong financial results with solid growth year over year. Comparing our fiscal 2021 with our fiscal 2020, we grew bookings, revenue, non-GAAP margins and EPS and our book-to-bill was greater than one resulting in the highest year-end backlog in three years," said Andy Mattes, Coherent President and CEO. "We saw broad strength across the significant majority of our end markets, with total year over year revenues growing by 21%. This strength coupled with our ongoing good to great transformation project, primarily driving improvements in our ILS segment, yielded a FY2021 non-GAAP gross margin of 40 percent, an improvement of 390 bps year over year. And finally, demonstrating the operating leverage in our business model, non-GAAP earnings per share improved by over 100% year over year. We ended fiscal 2021 with a cash position similar to fiscal 2020 after having made a $218 million dollar transaction termination payment. We continue to have a strong balance sheet, will continue to focus on operational excellence to further strengthen our overall financial results and believe we are well positioned to reach our fiscal 2022 goals."

With regard to the transaction with II-VI Incorporated, the company continues to expect the transaction to close during the first calendar quarter of 2022.

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

		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
Net sales	$	391,674		$	395,759		$	316,751		$	1,487,468		$	1,228,999
Cost of sales(A)(B)(C)(D)(E)(F)		239,838			239,776 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 20.05.24 - PR Newswire Invesco Asia Trust Plc - Holding(s) in Company 20.05.24 - PR Newswire Norges Bank - Form 8.3 - Spirent Communications Plc 20.05.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Gresham Technologies Plc Breaking News    22 Jahre “BlueChip”-Power nun bei NurExone! weiterlesen» Anzeige wo-site-teaser-box-17014_site-teaser-box_2024-05-20_09%253A00%253A00_2024-05-21_09%253A00%253A59