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Consistent (New York Stock Exchange: COHR) reported its fiscal fourth-quarter 2024 financial results after markets closed on Thursday, with revenue and earnings beating estimates.
Shares fell slightly in early after-market trading after the day's close. up to 6.4%.
Coherent reported earnings per share of $0.61, which Revenue for the quarter ended June 30 was $1.314 billion, above the $1.28 billion estimate and representing 9% year-over-year growth.
Non-GAAP gross margin for the quarter was 37.2%. The full fiscal year was July 2023 through June 2024.
“Fourth quarter fiscal 2024 revenue increased 9% sequentially, driven primarily by continued ai-related strength in our Datacom transceiver business,” said Coherent Interim CFO Rich Martucci.
“While we have many strengths, we also have opportunities for improvement, and I look forward to working with all of my Coherent teammates to unleash the company's full potential and drive exceptional shareholder value creation,” added CEO Jim Anderson, who is now in his third month at the helm of the company.
Looking ahead to the first quarter of fiscal 2025, Coherent expects earnings per share to come in at a midpoint of $0.61, slightly below the $0.62 estimate. Projected revenue has a midpoint of $1.31 billion, which is higher than the $1.29 billion estimate.
The expected gross margin percentage for the current quarter has a midpoint of 37%.
The Saxonburg, Pennsylvania-based company manufactures high-quality semiconductors, optics for industrial lasers and networking devices.
