For Immediate Release
Coherent Corp. Reports Fiscal 2023 Second Quarter Results
- Record Revenue of $1.37 billion, Grew 70% Year-Over-Year
- Organic Revenue Growth of 23% Year-Over-Year
- Backlog of $2.9 billion, Grew 68% Year-Over-Year
- GAAP EPS of $(0.58)
- Non-GAAP EPS of $0.95
PITTSBURGH, February 8, 2023 (GLOBE NEWSWIRE) -- Coherent Corp. (Nasdaq:COHR) ("Coherent," “We” or the "Company") today reported results for its fiscal 2023 second quarter ended December 31, 2022.
“Our second quarter of FY23 continued the great start to our new chapter as Coherent Corp. We achieved record quarterly revenue of $1.37 billion, growing 70% year-over-year and 23% organically, despite lingering challenges in the supply chain, by solid contributions from all three of our business Segments - Materials, Networking, and Lasers. We retired $133M of debt during the quarter,” said Dr. Vincent D. Mattera, Jr., Chair and CEO.
“We have developed a clear leadership position in the Communications Market with strong performances this quarter from both our revenue in the Telecom and Datacom markets. Among the many highlights of the quarter were our continued share gains in the rapidly growing high-speed transceiver module marketplace. In our Silicon Carbide materials business, we continue to gain traction as we scale up capacity and accelerate throughput. We remain bullish about our long-term prospects as a market leader.
GAAP diluted EPS in the quarter was a loss of $(0.58) and Non-GAAP diluted EPS was $0.95 in the quarter. We delivered solid earnings due to our relentless dedication to execution excellence including delivering share gains, focusing intensely on cost control, thoughtfully increasing prices, delivering improved operating efficiencies and on-time launches of industry leading new products.”
Dr. Mattera continued, “Our integration activities are progressing very well with increasing momentum and achievements. I am pleased with how our now combined teams are working together. We have already achieved $31 million synergies on an annualized basis, nearly half of our projected $65 million this year.
We are aware of potential deceleration in the world economies and in some pockets of our end markets in the second half of our fiscal year. However, our diversification, the strength of our backlog, our product portfolio prospects, and a great team give us confidence in delivering a strong FY 23”.