Earnings Erode in Third Quarter at Coherent
SANTA CLARA, Calif., July 31, 2014 — Coherent Inc. reported a net income of $13 million in the third quarter of its current fiscal year, compared to 16.7 million in the third quarter of fiscal 2013, a 22 percent decrease.
“Our third-quarter results were somewhat mixed,” said CEO John Ambroseo. “Outstanding bookings were balanced against lower-than-expected earnings, which were impacted by an unfavorable mix and lower volume.”
Third-quarter sales amounted to $196.5 million, compared to $213.7 million in the third quarter of fiscal 2013, a decrease of 8 percent.
Ambroseo highlighted orders for the company’s low-temperature poly-silicon (LPTS) annealing systems, which he said are gaining ground in mobile phone and tablet manufacturing.
He also said there were strong sales of OEM products for materials processing, especially fiber lasers for metal cutting, additive manufacturing systems and laser manufacturing workstations. Cataract, dental and aesthetic lasers performed well also, Ambroseo said.
Meanwhile, the company’s board of directors recently authorized a $25 million common stock buyback program.