For Immediate Release
Coherent Corp. Reports Fiscal 2023 First Quarter Results
- Record Revenue of 1.34 Billion, Grew 69% Year-Over-Year
- Organic Revenue Growth of 20% Year-Over-Year
- Record Backlog of $3.05 Billion, Grew 119% Year-Over-Year
- GAAP EPS of $(0.56)
- Non-GAAP EPS of $1.04
PITTSBURGH, November 9, 2022 (GLOBE NEWSWIRE) -- Coherent Corp. (Nasdaq:COHR) ("Coherent," “We” or the "Company") today reported results for its fiscal 2023 first quarter ended September 30, 2022.
“Our first quarter of FY23 was a great start to our new chapter as Coherent Corp. We achieved revenue of $1.34 billion with solid contributions from all three segments, growing 69% year-over-year, 20% organically and 13% year-over-year on a proforma basis. In the quarter, Electronics led the way with our sensing revenue in one of its two seasonally high quarters, and Communications contributed strong performance as well in both telecom and datacom, including record revenues from our datacom transceiver business as we continue to gain share in high-speed modules. Our non-GAAP diluted EPS was $1.04 and was affected favorably by FX by about $0.07 in the quarter. The company delivered very good earnings due to continued focus on revenue strength, cost controls, operating efficiencies and timely launches of industry leading new products,” said Dr. Vincent D. Mattera, Jr., Chair and CEO.
Dr. Mattera continued, “Our integration activities started strong and remain on track. The impact of current escalating trade tensions are not material to our business. We will continue to drive innovation, prudently directing our roughly $1 billion of investment again this year between R&D and cap ex to support our long-term growth.”