For Immediate Release
Coherent Corp. Reports Fiscal 2023 Third Quarter Results
- Revenue of $1.24 billion, Grew 50% Year-Over-Year
- Organic Revenue Growth of 6% Year-Over-Year
- Backlog of $2.6 billion, Grew 23% Year-Over-Year
- Quarterly Operating Cash Flow of $152 million
- GAAP EPS of $(0.24)
- Non-GAAP EPS of $0.58
- Establishes multi-year restructuring plan
PITTSBURGH, May 10, 2023 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE:COHR) ("Coherent," “We” or the "Company") today reported results for its fiscal 2023 third quarter ended March 31, 2023.
“We posted third quarter revenues of $1.24 billion up 4% year over year on a pro forma basis. Revenue grew 50% on a reported basis compared to Q3 of FY22 and declined 9% sequentially. We were intensely focused on controlling costs, managing cash and continuing our disciplined approach to capital allocation and design wins,” said Dr. Vincent D. Mattera, Jr., Chair and CEO.
“We started the third quarter with optimism based on a strong backlog, but we experienced a sudden and unexpected deceleration in revenues in the second half of the quarter when some of our larger customers requested us to delay scheduled shipments which primarily affected our revenue in the Networking Segment as those customers began adjusting their inventory levels. The solid performance of the Materials Segment, coupled with solid performance of the legacy Coherent business, now our Lasers Segment, provided diversification and stability by exposing us to multiple and different growth markets.”
Dr. Mattera continued, “Our non GAAP EPS was $0.58, our operating cash flow was $152 million, and we invested half of our $97 million of capital expenditures into our silicon carbide business. We generated $55 million of free cash flow and retired $78 million of debt, consistent with our plans for deleveraging.
We have commenced certain restructuring actions and are planning to take additional actions that will run through the end of FY25, as we work to transform the Company. We expect these actions will drive greater scale and focus, resiliency, and lower operating costs. We have completed a rigorous analysis into this plan, a careful consideration of the effects on our people, and we believe that this plan will better position Coherent to achieve both short and long-term commitments.”
View Fiscal 2023 Third Quarter Results