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Coherent, Inc. Reports Second Fiscal Quarter Results
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PR Newswire
SANTA CLARA, Calif., May 12, 2021
SANTA CLARA, Calif., May 12, 2021 /PRNewswire/ -- Coherent, Inc. (NASDAQ, COHR), one of the world's leading providers of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial applications, today announced financial results for its second fiscal quarter ended April 3, 2021.
FINANCIAL HIGHLIGHTS
| | Three Months Ended | | Six Months Ended | ||||||||||||||||
| | Apr. 3, 2021 | | Jan. 2, 2021 | | Apr. 4, 2020 | | Apr. 3, 2021 | | Apr. 4, 2020 | ||||||||||
| GAAP Results | | | | | | | | | | ||||||||||
| (in millions, except per share data) | | | | | | | | | | ||||||||||
| Net sales | $ | 374.0 | | | $ | 326.1 | | | $ | 293.1 | | | $ | 700.0 | | | $ | 613.9 | |
| Net income (loss) | $ | (158.2) | | | $ | 0.1 | | | $ | (418.9) | | | $ | (158.1) | | | $ | (413.1) | |
| Diluted EPS | $ | (6.49) | | | $ | 0.01 | | | $ | (17.39) | | | $ | (6.50) | | | $ | (17.19) | |
| | | | | | | | | | | ||||||||||
| Non-GAAP Results | | | | | | | | | | ||||||||||
| (in millions, except per share data) | | | | | | | | | |||||||||||
| Net income | $ | 35.2 | | | $ | 26.7 | | | $ | 14.8 | | | $ | 61.9 | | | $ | 35.5 | |
| Diluted EPS | $ | 1.42 | | | $ | 1.09 | | | $ | 0.61 | | | $ | 2.52 | | | $ | 1.47 | |
SECOND FISCAL QUARTER DETAILS
For the second quarter of fiscal 2021, Coherent announced net sales of $374.0 million and net loss, on a U.S. generally accepted accounting principles (GAAP) basis, of $158.2 million, or $6.49 per diluted share. The net loss includes $179.2 million, net of tax, in merger and acquisition costs, primarily due to a merger agreement termination fee paid to Lumentum Holdings Inc.
These results compare to net sales of $293.1 million and net loss of $418.9 million, or $17.39 per diluted share, for the second quarter of fiscal 2020 and net sales of $326.1 million and net income of $0.1 million, or $0.01 per diluted share, for the first quarter of fiscal 2021. The net loss for the second quarter of 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 the Industrial Lasers & Systems segment of our business.
Non-GAAP net income for the second quarter of fiscal 2021 was $35.2 million, or $1.42 per diluted share. Non-GAAP net income for the second quarter of fiscal 2020 was $14.8 million, or $0.61 per diluted share. Non-GAAP net income for the first quarter of fiscal 2021 was $26.7 million, or $1.09 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended April 3, 2021, January 2, 2021 and April 4, 2020 and six months ended April 3, 2021 and April 4, 2020 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income (loss)."
"We're pleased to have delivered another quarter of solid results. In the second quarter, we grew bookings, revenue and non-GAAP EPS -- sequentially and year-over-year -- and our book-to-bill was greater than one across all our end markets," said Andy Mattes, Coherent President and CEO. "Precision manufacturing orders were strong, primarily with EV-Battery welding applications, life science demand continues to improve Instrumentation orders, and our semicap and API businesses experienced all-time ordering highs. Our initial results with our good to great transformation, especially in our ILS segment, have also been very encouraging. We have a strong balance sheet and continue to focus on operational excellence to drive improved margins and further strengthen our overall financial results."
In addition, on March 25, 2021, we announced that we entered into a definitive merger agreement with II-VI Incorporated ("II-VI") whereby Coherent will be acquired upon satisfaction of the outlined closing conditions.
Summarized statement of operations information is as follows (unaudited, in thousands, except per share data):
| | Three Months Ended | | Six Months Ended | ||||||||||||||||
| | Apr. 3, 2021 | | Jan. 2, 2021 | | Apr. 4, 2020 | | Apr. 3, 2021 | | Apr. 4, 2020 | ||||||||||
| | | | | | | | | | | ||||||||||
| Net sales | $ | 373,982 | | | $ | 326,053 | | | $ | 293,147 | | | $ | 700,035 | | | $ | 613,918 | |
| Cost of sales(A)(B)(C)(D)(E) | 232,957 | | | 206,057 | | | 199,036 Werbung Mehr Nachrichten zur Coherent Aktie kostenlos abonnieren
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